Key Points
Global banks are growing wary of risky credits as turmoil envelops the industry, crushing the market for new leveraged finance deals just as it was beginning to regain its footing..
Barclays Plc recently shelved a pair of loans for Ineos Enterprises and Russell Investments, while JPMorgan Chase & Co. yanked a deal for Agiliti Health..
The timing could hardly be worse for Wall Streets lucrative leveraged lending desks, which are still seeking to offload billions of dollars of risky corporate debt stuck on their books to institutional investors following a flurry of mistimed financings last year..
European leveraged loans weakened after investors got spooked about possible contagion risks from the quick marriage of UBS Group AG and Credit Suisse brokered by the Swiss government..
In the cases of the $1.08 billion deal that medical equipment company Agiliti Health pulled and the proposed $1.16 billion amend-and-extend that Russell Investments withdrew, the loan market had softened because investors were worried about the fallout from the Silicon Valley Bank failure...
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