Souped-up tranches risk crashing loan syndications
Calyon, Royal Bank of Scotland and UBS pulled off something of a rarity in the leveraged loan market last week when the A$250m deal they were bookrunning for software firm MYOB closed fully subscribed. But with one, late-arriving lender getting paid more than any of the others, the super-tranching method sets a dangerous precedent for the syndication process.
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