For years, bankers have been waiting for the bargain basement pricing in the syndicated loan market to bottom. Now, thanks to the Asian financial crisis and, particularly, the troubles facing Japan’s banks, it may finally have happened. The funding premium Japanese banks are paying in the market has widened spreads – and in some cases is forcing deals to be pulled altogether.
“Pricing is undoubtedly going up,” says Fergus Elder, vice president in loan capital markets for JP Morgan London.
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