Barclays, Deutsche, Credit Suisse take $437m hit on leveraged loans

Higher interest rates eroded value of facilities stuck in pre-syndication during Q3

Barclays, Deutsche Bank and Credit Suisse took a combined $437 million in markdowns on underwritten leveraged loans in the third quarter, as rising yields ate into the value of facilities still sitting on their books.

The fair value of Barclays’ leveraged finance commitments, net of hedges, declined by £190 million ($220 million) during the quarter, with the bank revealing it had already taken a £65 million markdown in the first six months of the year.

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