Global warming for LBO

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Bankers say that last year’s trend of leveraged buyout (LBO)-related high-yield supply is set to continue into 2005. But the pace of supply will depend on the strength of the initial public offerings (IPO) market: the weaker that market is, the more attractive the high-yield market becomes as an alternative for private equity firms.

Such firms often used the high-yield debt finance market in 2004 to recoup their initial investments, after the traditional route of IPOs went sour.

Last year saw

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