A corporate debt sale viewed as a barometer of US capital markets was ending with a fizzle, as bankers offered cut-price bonds and loans to fund a $16.5bn leveraged buyout of the software company Citrix.
https://www.ft.com/content/dd3a5dea-ec0d-4657-b536-8af68687bdab
" Banks were pitching Citrix bonds at a discounted price of 83.561 cents on the dollar, which would lift the yield on the debt to 10 per cent, far above the “high” 8 per cent range that was marketed earlier this month, said people with knowledge of the deal."
“This Citrix deal has shown [banks] can’t just bring any deal to market,” said Andrew Forsyth, a senior portfolio manager at Barksdale Investment Management. “And the market hasn’t been tested because the supply has been so light. We’ve wondered at what point . . . it becomes a concern.
https://archive.ph/tMndC
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