Second lien shines as Goldman helps private debt bid beat bonds
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.
A head of leveraged finance flagged the role of Goldman Sachs in providing a bid for second lien credit in Europe.“Goldman have made great play of saying ‘I’ll take the second lien, and I’ll take this or that part of the capital structure,’” said the leveraged ...
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