MARKETS: Another hectic year

This year, expect liquid loan markets, structured deals and credit derivatives, securitization, merger and acquisition fever, rapid privatization, and growing numbers of mtn programmes

A SUPPLEMENT TO EUROMONEY – MARKETS 1997

Re-engineering the loan business

Barring a major credit event, it looks as if syndicated loan spreads are likely to stay at current levels for the rest of 1997. The market is still awash with liquidity and, especially in the aaa and aa categories, this should keep it very much a borrowers’ market. The latest France Telecom deal is a good illustration of that, with terms reminiscent of the late 1980s.