Plucky levfin forced to yield to mounting alarm about virus

Virology coronavirus hospital from PA 28 Feb 20 575x375
By Jon Hay
27 Feb 2020

Leveraged finance investors are no shrinking violets, and held out longer than most against the rising pessimism caused by the coronavirus. But by Thursday, it was even giving high yield and leveraged loan players a sinking feeling.

Equity markets, though initially slow to react, have been leading the way. As recently as February 19, eight days ago, the S&P 500 was at an all time high and up 4% since the beginning of the year. In the next four trading days it fell 8%.

Equities steadied ...

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