Talking point - The leveraged loan logjam
With the value of delayed leveraged loans nearing $400 billion, will sufficient liquidity return to the market to get these loans off the lending banks' balance sheets? Credit asks four experts
EDWARD EYERMAN, MD, EUROPEAN LEVERAGED FINANCE, FITCH RATINGS, LONDON
Clearing unsyndicated LBO debt remains a headache for European arrangers, but they have more immediate problems to address before attempting to restart the primary leveraged credit market. Specifically, the reticence of European banks to lend to each other on a short-term basis - a result of the seizure in the commercial paper markets. Banks must make good on back-up facility commitments to roughly $1 trillion of ABCP coming
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