Forward start kerfuffle shows loans market is back in motion

17 Feb 2009

Loans bankers are squabbling over their market’s hot new structure, the forward start facility. Both sides have good points to make but the real significance lies in the argument itself: the debate is no longer about whether banks will ever lend anything to anyone ever again, but rather about competition for business.

Forward starts have been the fashion in Europe’s syndicated loan market since the start of the year, becoming a vital source of activity in a market largely devoid of new-money deals.

They first appeared during the current crisis — though they did exist previously as the awkwardly named ‘commitment ...

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