CVC mandates Raet pack as caution brings reward

Banks that lost out on LBO mandates as the leveraged loan market heated up in the early part of summer may now feel the benefits of their own bearishness, bankers said. Leveraged finance market participants predicted a shift in the make-up of underwriting groups in the next batch of LBOs as CVC chose a bank group for its buy-out of Raet, comprising five firms that have been relatively inactive in recent months.