Though 2002 overall saw a drop in the volume of M&A-related syndicated loans issued, in the fourth quarter the high yield market came back to life, thanks to a few large private equity deals. High yield debt raised for M&A rose to $11.8 billion in the last quarter of the year, more than doubling the $5.5 billion issued in the third quarter and the $4.3 billion of the fourth quarter of 2001. In fact, the new high yield market in the fourth quarter was the best since the second quarter of 2001, according to Standard & Poor’s.
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