Flexes keep coming as Novacap cuts margins
Excess liquidity in the leveraged loan market is continuing to drive prices down as Axa became the latest sponsor to seek a reverse flex. Bookrunners on the Eu209m of loans backing the private equity firm’s takeover of Novacap have asked lenders on all tranches to recommit at lower margins.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ European securitization issuance database
- ✔ Daily newsletters across markets and asset classes
- ✔ 1 weekly securitization podcast
