Cautious optimism as banks remain in LBO club despite volatility and hung deals
A modest pipeline of leveraged buyouts is growing despite a series of hung syndications in Europe over the summer, as arranging banks remain open for business. Club deals and large bank groups are back in fashion, and most of the potential LBOs are in the mid-market. But even big names such as Orange Switzerland are under discussion.
"There are of course a lot of questions over liquidity to consider, but nobody is saying no to everything," said one leveraged loans banker.
A minority of banks that have already made budget are being ultra-conservative, bankers said, but most have some risk appetite.
"We absolutely are open for business.
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