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“With final maturities approaching fast, we are likely to see banks push equity holders to come up with sensible de-risking strategies for cases where refinancing is not an option” |
The eagerness with which high-yield investors have embraced some of the more challenging credits in Europe could soon come back to haunt them. There are signs that some high-yield refinancings have simply placed too great a debt-service burden on their recipients and cracks have begun to appear.
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