Second lien shines as Goldman helps private debt bid beat bonds

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Second lien shines as Goldman helps private debt bid beat bonds

Goldman Sachs

Second lien loan structures are substituting in for unsecured high yield issues, as a strong bid from direct lending funds pushes prices for the product tighter. Despite wariness from many banks about the product, Goldman Sachs has been seen actively competing with private debt funds to offer second lien finance, adding to the product’s advantages for sponsors.

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