Air Liquide is in talks to sell its disinfectant unit to the Swedish private equity firm for around 900 mln euros. Even with rising medical demand, the purchase looks brave given its rich valuation. Still, the risk of future epidemics could see the buyout group double its money.
Sales of new collateralised loan obligations are taking off in Europe for the first time since the financial crisis. These packages of high-yield debt were a major culprit behind the last credit bubble. But this time round, lower leverage has made CLOs safer. They even have a useful role to play in refinancing.