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Loan syndication departments have been working at fever pitch since last year. But they continue to suffer dangerous pressure on margins, while maturities are stretched and covenants become sketchier. The competition is tempting them to take higher risks for less reward. That will continue until a shock kicks on the cycle. In 1995 volumes hit their highest-ever levels $374.2 billion compared with $178.2 billion in 1994, tailing slightly to $180 billion in the first six months of this year. |
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