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There is no crock of equity gold at the end of the rainbow
Creditors can and will be bumped down the pecking order at the time when it matters most
Restructuring takes step towards conclusion
Public markets have proven to be often just as illiquid, leading to a convergence in approach
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The €1.3bn-equivalent TLB is partly refinancing but TMF is acquisitive -
Acquisition activity likely to stay slow in first half of year
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Borrowers need to get used to the volatility and higher spreads in the market
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Progress seen in both markets but it remains gradual
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Portfolio managers overwhelmingly expect spreads to widen
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Banijay's $940m A&E deal is the only leveraged loan out this week
