Barclays Leads European Banks' Pursuit of Risky U.S. Debt

Barclays Plc is helping Aveanna Healthcare LLC get a $221 million loan for its purchase of Premier Healthcare Services LLC, adding to a $900 million debt last year. Now some observers warn that they’re pushing into a borrowing binge that’s spooked some of the world’s biggest money managers and been described by the Bank of England as a risk to financial stability. “This gain in market share appears to result from European banks’ willingness to stretch even further on leverage levels, structure and pricing,” said Michael Barnes, co-chief investment officer at Tricadia Capital Management LLC in New York.