Syndicated loan recovery scotches disintermediation theory

Syndicated loans: Back in business

hand-euro-cash

Reports of the demise of the loan market, it seems, have been greatly exaggerated. At the beginning of 2010 it looked as though a significant and long-term structural shift had occurred in European corporate funding, involving a move away from bank lending towards wholesale debt markets.

In an article in this magazine in February (“A shift in the balance of power”, Credit February 2010, pp. 32–35), there was no shortage of bankers suggesting the move was permanent, pointing to the fact that

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