Editor's letter

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Europe is officially the centre of the global leveraged finance world after leveraged buyout volumes surpassed the US for the first time ever this year by $23 billion. This burgeoning activity has enticed a growing number of US CLO managers into the market (see cover story on p. 30).

This thrust is bringing a level of expertise and discipline to the market and helping it to mature on firmer footings, but in the same lunge, increased LBO activity is having a far more sinister effect. The flips

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