M&A rush drives loan bonanza
Rising M&A volumes are fuelling a boom in acquisition finance, the fastest growing area of the European syndicated lending market over the last year. The development of a more active secondary loan market and the wider use of grid pricing has given arrangers greater confidence to underwrite large deals and participants have been keen to sign up to loans that pay relatively high margins -- and which are usually refinanced quickly through bond issues or disposals. Across Europe the deal flow has been booming, with M&A deals of unprecedented size in a variety of countries being financed with relative ease in the loan market. But recently there have been signs that the acquisition finance market is getting more sticky. Has it already peaked?
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