Current debt syndication practices have been in place in Europe for well over eight years; such a long time that it’s easy to forget what previous customs prevailed. Back in the bad old days, syndication was a far wilder affair. There are those who look back longingly to earlier eras, arguing that you do not need to be a risk taker to work on syndicate any more. Syndication has descended into an administrative function, they say.
So what does debt syndication entail in the modern market? It is merely a matter of suggesting where a deal “might” price – with the official comfortable in the knowledge that a fully negotiated...
