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US regulators turn hawkish on levfin – leading BAML to miss Numericable

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The idea of the US leveraged finance market being regulated – even down to the debt multiples on deals – may seem far-fetched. But it is becoming a reality. Tangible evidence is beginning to emerge of US banks turning down deals because they do not want to fall foul of regulators that frown on over-leveraged or risky financings.

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