Leveraged loans: Clearing the backlog
While LBO bankers in the US are chipping away at the backlog of deals, Europe seems unable to shift its overhang. Daniel Andrews looks at how differences in the way the two markets have evolved are affecting their chances of tackling the problem
The leveraged buyout market started 2008 on something of a sour note. Financiers awoke to a New Year hangover of a different sort: US mortgage originator and auto leasing company PHH Corp's $1.8 billion sale to General Electric and Blackstone Group had been scrapped.
The buyout firm said in a statement that its banks, JPMorgan and Lehman Brothers, had failed to meet their commitment to lend on the original terms signed in March last year.
The aborted PHH acquisition is a relatively small deal; its
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