US LevFin Wrap — MoneyGram goes to the wire, Aventiv goes to dial tone, defaults on the rise
- Nicolle Liu
- +Sasha Padbidri
The long Memorial Day weekend and debt ceiling drama largely put the brakes on primary deal offerings this week, giving most people a chance to catch their breath — except the bankers and investors tussling over the financing for Madison Dearborn’s buyout of MoneyGram.
By and large, borrowers and bankers are adapting to the new normal of high rates and recession worries. High yield bond issuance hit $22bn in May, the highest volume in 17 months according to BofA researchers.