Arrangers monitor demand as MFNs break
Most-favoured-nation (MFN) clauses expired last week on the LBO loans for UK car breakdown service RAC and French electrical company Spie, and the loans were subsequently quoted below their respective original issue discounts (OIDs) by traders. But some leveraged loan bankers suggested that the deals would not be the easy pickings that some investors had expected, because funds had hoarded so much cash.
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