Eleanor Duncan

The fallout from Altice France’s decision to threaten a haircut for creditors is just beginning.

Buyout firms splurged on low-margin British consumer companies, seduced by bargain prices and cheap money. Higher interest rates are upending that wager.

A recent deluge of cash into ETFs tracking US collateralized loan obligations is spurring money managers to try to replicate the model in Europe.

When private equity firms buy up target companies, they rely on one major source of financial firepower — debt, and lots of it. But what happens when the interest on that debt jumps? For some, the answer is simple: pay it later.

Investors are set to have their first shot at buying European collateralized loan obligations through an exchange-traded fund, following the growth of the asset class into a multi-billion dollar market in the US.

Wall Street banks were burned two years ago when they backed big corporate buyouts and ended up with tens of billions of dollars of “hung debt” they struggled to get rid of. Now they’re back for more.

Clayton Dubilier & Rice made it a condition for banks to commit more than €1 billion ($1.1 billion) of debt to fund a part of the equity check for its bid for Sanofi’s consumer-health division, though the facility didn’t end up in the final package presented to the pharmaceutical firm.

Prime Minister Keir Starmer’s government is set to launch a £100 million ($127 million) fund aimed at helping the state run “more like a start up,” as Labour attempts to rebut criticism over its tumultuous first few months in power.

Grifols SA has included a term in its €1.3 billion ($1.4 billion) private debt placement that would allow Brookfield Asset Management Ltd. to refinance the deal early — a sign the Spanish drugmaker is leaving the door open for the private equity firm to make another approach.

Banks are pitching around €1 billion ($1.05 billion) in debt packages to back a potential buyout of Karo Healthcare, according to people familiar with the matter.