Levfin may look to div recaps as poor M&A hits IG, leveraged pipe

KPN’s decision to pull the sale of its Belgian mobile unit BASE struck a further blow to the European syndicated loan market’s desolate pipeline this week. The deal is at least the fifth pulled auction in six weeks, following Birds Eye Iglo, KMD, Selecta and Schenck, and raises concerns that the mismatch in seller and buyer expectations is wrecking M&A and LBO loan volumes.