Vue gives private credit another reason to shun CDSs

Lenders prefer to hold risk themselves and recent issues suggest incompatibility with private markets

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Despite the growth in the private credit sector in recent years, participants have shown little appetite to use credit default swaps to hedge-out risk in their sizeable loan books – and the drawn-out deliberations over Vue’s CDSs could give them another reason to stay away.

It took an industry group two months to determine whether the cinema chain’s recapitalisation constituted a credit event and another five months to finalise how CDS holders could settle their contracts. Those hoping for a

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