Axa Investment Managers

As speculation surrounding an increase in LBO activity gains momentum, Credit magazine asks Philippe Berthelot (pictured) and Andrew Wilmont of Axa Investment Managers for their views on issues relevant to the high-yield market

Who (e.g. banks, hedge funds) is best positioned to benefit from the potential for leveraged buyouts in Europe? Why?

Historically, the small to medium-sized companies that make up the high-yield market in Europe were, unlike their US counterparts, able to finance themselves through relatively 'cheap' private bank loans. This situation is gradually coming to an end and, with the advent of more American-style private equity houses, more and more companies are finding their way to the