Deals

The Year’s Biggest Buyout Could Make Life Tough for Investors

Refinitiv holds onto borrower-friendly documentation
Jumbo LBOs shift pricing tighter thanks to oversubscriptions

Euro, left, U.S. dollar, center, and yen banknotes of various denominations are arranged for a photograph in Soka City, Saitama Prefecture, Japan.Photographer: Kiyoshi Ota

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By Ruth McGavin

September 20, 2018 at 9:57 AM UTC

This article is for subscribers only.

The biggest buyout of 2018 has been a resounding success for the borrower, but for investors in Europe the result could be problematic.

Refinitiv’s debt financing roused a wave of demand across Europe and the U.S., with orders totaling more than double the $13.5 billion of bonds and loans it needed to raise. The scale of the response was spurred on by a ravenous bid from collateralized loan obligations and other investors amid fears that there may be fewer new deals going into the fourth quarter.