Wall Street is slowly revving back up its junk debt machine.
Banks have agreed to lend billions of dollars to finance leveraged buyouts by Apollo Global, Elliott Management, Blackstone and Veritas Capital in recent months, as Wall Street re-enters a market that left it nursing painful losses over the past year.
It is welcome news for the private equity behemoths who are sitting on hundreds of billions of dollars of dry powder and searching for attractive financing options, as higher interest rates eat into their returns.
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