Liberty Global’s $23.3 billion cash and stock bid for UK cable operator Virgin Media has been cheered by many in the capital markets. The shouting might, however, be loudest in an unexpected quarter – the European loan market. The fact that these two firms – among the largest and most familiar issuers in the high-yield bond markets – have opted to include a big loan component in the deal is being hailed as a watershed moment for the market.
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