No loans please, we’re deleveraging
The loan market is trumpeting its return to health and renewed ability to finance big-ticket M&A business. But there will be few takers. Companies are set on deleveraging through equity issuance — leaving bank finance eclipsed for a good time yet.
Europes loan market has been stuck in capital-constrained purgatory for much of this year, and nowhere has the withdrawal of traditional sources of finance been more keenly felt than in the mergers and acquisitions business.
While companies increased use of bonds for takeovers has been well-documented, some acquirers have
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