Morgan Stanley, Goldman Spoil Private Credit’s Record Deal (2)

A group of Wall Street lenders led by Morgan Stanley and Goldman Sachs Group Inc. swooped in to manage a roughly $2 billion bond sale for Ardonagh Group Ltd., a key win for banks over private credit firms that had offered a record-breaking loan to the UK insurance broker.

The offering, announced on Monday, includes a mix of secured and unsecured bonds denominated in US dollars and euros, and confirms an earlier report by Bloomberg News. Private credit firms are still expected to provide a loan package of around $3 billion, according to people with knowledge of the ...