Sponsors aim to buy back cheap debt

The Business Times | Mar 27, 2020 at 12:00 AM
  • Sponsors are looking to profit from what they consider overselling in Europe’s leveraged loan market and are in talks with a number of banks about debt buybacks.
  • Sponsors including Apollo, BC Partners and Carlyle are seeing this as an opportunity to buy back debt in portfolio companies at cheap levels.
  • Europe’s top 40 leveraged loan composite was quoted at 78.76 per cent of face value on March 19, from 94 on March 9.