Corporate debt: M&A a fickle friend for loans, but as refis ebb, it’s crucial

For years, spirits in western Europe’s loan market have been kept from gloom by one thing: hope that one day, there would be another boom in mergers and acquisitions. In 2014, it finally arrived. But it has not been the bonanza loan bankers desired, with many deals financed in other markets. This year banks will rely on M&A even more as refinancings dry up. Will the dealflow be sufficient? Elly Whittaker reports.