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News and Analysis

In rude health - Healthcare booster for European leveraged loans

Kat Hidalgo's avatar
Laura Thompson's avatar
  1. Kat Hidalgo
  2. +Laura Thompson
•8 min read

A favourable LevFin market, with margins returning to historical tights has seen 17 healthcare companies’ loans issue new paper in 2021 across 24 tranches, comprising 16% of all loan issuance year-to-date. Issuance shows no signs of abating, with clinic chain Ameos and drug manufacturer Cooper coming to market this week with a €600m TLB and a €920m TLB respectively, bringing the number of healthcares companies that have issued new paper in 2021 to 17. But despite being seen as an attractive and defensive sector by buysiders, some deal fatigue is creeping in, with some reverse flexing of aggressively priced deals, and funds full on the sector.

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