Banks Urgently Pitch Investors on Lending to Needy Companies
- Banks float unusual multibillion-dollar deals to big investors
- Other pitches run gamut, like a term loan with up to 15% yield
This article is for subscribers only.
Banks that have warned for years about the potential for shadow lenders to fuel a credit crunch are now rushing to them for help.
Investment bankers have unleashed a frenzy of phone calls across Wall Street as they try to drum up interest from credit-focused investment firms and hedge funds to provide tens of billions of dollars in financing to companies in industries upended by the coronavirus, according to people involved in the talks.