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US LBOs Size Grows to Post-Crisis Highs Thanks to Run of Jumbo Deals

Outflow streak hits 30 weeks as leveraged loan funds see $686M withdrawal

Despite aging credit cycle, near-term spike in leveraged loan defaults unlikely

European leveraged loan returns stall in May, though best high yield, equities

Investors withdraw $1.5B from US leveraged loan funds as outflow streak hits 29 weeks


US LBOs Size Grows to Post-Crisis Highs Thanks to Run of Jumbo Deals

Thanks to a spate of big-ticket deals in September, leveraged buyouts in the U.S. are larger now than at any time since the financial crisis.

During the third quarter the average size of an LBO transaction hit $1.8 billion, according to LCD. That’s up from $1.375 billion during the same period a year ago and is near the record $2 billion average in 2007, at the height of the last credit cycle.

Boosting the 3Q18 numbers are some jumbo LBOs, two of which entail large cross-border leveraged loan components. Chief here is the $17 billion majority buyout of Thomson Reuters’s Financial & Risk unit, now called Refinitiv (link, plus a list of the largest leveraged financings of all time). As well, Carlyle and GIC recently closed financing on their $11.7 billion LBO of Akzo Nobel Specialty Chemicals.

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