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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Liquidity event at American manager comes at fraught time for industry
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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Deal could include $950m of bonds
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Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Pharmaceuticals and energy transition also ripe sectors for M&A
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Borrowers moving between the two markets create opportunities for both