The problem is with leveraged buy-out firms and high-yield issuers

that borrowed in a world of 3-4% in interests with maturities in 2025 and 2026, said Eric Larsson, co-head of special situations at Alcentra, a credit-focused fund.

 “When they come to refinance, you’ll see a coupon step-up from 3%-4% to maybe 9%. That’s simply not viable for most capital structures.”

Brink Newsletter Bloomberg 29 September 2023


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