Levfin bankers positive despite ISS blow

There was disappointment among leveraged loan bankers this week after ISS rejected Apax Partners’ takeover approach and opted to raise equity through an IPO, depriving the market of potentially its biggest LBO since 2007. Most banks in the levfin market were chasing the mandate for the Danish cleaning company, which was expected to raise debt of $5bn. But bankers are confident that deal supply will pick up soon, with one transatlantic P2P deal being lined up for an LBO with over Eu1bn of debt. For more information, read EuroWeek this Friday.