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Onex Says Choppy Trading Dries Up Deal Pipeline, Credit Markets

Turmoil in the capital markets is drying up the pipeline for acquisitions for Onex Corp., Canada’s largest private-equity firm, and has essentially shut the market for some of its credit products.

The market for the firm’s collateralized loan obligations is ‘virtually closed’ amid a broader disruption of bond and loan trading, said Seth Mersky, Onex senior managing director. The company packages loans into CLOs, which offer securities of varying risk and return, as part of a credit business that’s separate from its private-equity investments.