Risk South Africa: leveraged loan market to pick up in 2009

The South African leveraged loan market will calm down in 2008 after the global credit crisis but is expected to pick up again in 2009, according to Rand Merchant Bank (RMB), a division of FirstRand Bank.

Market activity has recently been stymied by global market ructions emanating from the US subprime mortgage sector. “The European market is currently closed to South African issuers and there is no market for high-yield bonds in South Africa,” said Emrie Coetzee, RMB’s head of acquisition and leveraged finance, speaking at Risk South Africa in Cape Town on March 6.

However, she predicted things would change by 2009, pointing in particular to the rapid growth of local private equity funds. They

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