Leveraged Loan Woes Mount With $13 Billion of Deals Pulled

The leveraged loan refinancing frenzy that fueled a boom of risky debt issuance earlier this year is wilting with more than $12.6 billion of deals pulled over the past six trading days.

Bausch Health Cos. is the latest company to fall by the wayside after the drugmaker formerly known as Valeant put off plans for a $5.14 billion sale. Potentially more concerning to underwriters and dealers, transactions continue to struggle even as other markets seemingly get back on track. Seven borrowers reopened the U.S. investment-grade corporate bond market Tuesday after a week-long hiatus, even as stocks see-sawed and the ...