Syndicated loan arrangers were given pause for thought when UK trade secretary Ian Lang blocked National Power’s agreed bid for Southern Electric on April 24, just a day after its £2.2 billion three-year acquisition financing had entered syndication. One banker said: “We had all asked ourselves at the beginning of this year, how we were going to keep busy and had all said: ‘M&A finance.’ That has worked, so far. But I am already wondering what on earth we are going to do next year.”
Banks in the syndicated loan market are, as ever, struggling to make a decent return.
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