Loan volumes up, deals down, but profits go AWOL
Despite European corporate loans hitting their highest year-to-date volume since 2007 this week — a near 50% year-on-year rise to $447bn, according to new Dealogic data — senior bankers are bemoaning their market’s meagre earnings, writes Michael Turner.
“Most of the deals we’re doing are A&Es and refis,” said one. “The fees aren’t exactly staggering. It’s not like we’re making money.”
“There are good volumes going through,” added another. “But it’s all at the low value end of the investment grade market."The utility and energy ...