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Syndicated Loans

Sovereign wealth funds: the stuff of modern myths

Since sovereign wealth funds have so much money and freedom of action, speculation about their likely actions is out of control. Last week private equity chiefs suggested they might replace investment banks in the leveraged finance market. Such tales are impossible to disprove, but rather than believing every fable, market participants should proceed from what is known. Many of the more high-flown stories would then seem fabulous.

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