Closing primary window prompts leveraged credit rush

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By Owen Sanderson
19 Oct 2020

Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.

Leveraged loans typically need a two week market window, while an unfamiliar issuer in HY will normally take most of a week to come to market — and nobody wants to rely on the final pre-election week next week being a perfect issuance slot when they could come ...

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