Oversubscribed DuPont sets tone for tightening lev market
Lack of supply, competition from the strengthening high yield bond market and pressure on CLOs to dispose of the last of their funds before the end of their reinvestment periods can only mean one thing for the European leveraged loan market —prices are set to go way, way down.
Bankers are bracing themselves for months of shrinking margins as demand heavily outstrips supply.
This week, the pricing of the $2.7bn loans backing Carlyles buy-out of US car paint firm DuPont Performance Coatings was slashed after the bookrunners received overwhelming demand for both the bond and loan portions
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