A moribund syndicated loan market made it difficult to pump out loans for M&A deals last year, but sources expressed cautious optimism for 2002. According to Thomson Financial, only $210 billion, or 18%, of the total $1.2 trillion worth of syndication loans issued last year was used for M&A, compared to $253 billion, or 21%, out of a total $1.23 trillion in 2000. As such, syndicated loans for M&A fell by 17% while the overall syndicated loan pie fell by 3%. And 2000 was no banner year for M&A-related syndicated loans. That year the M&A piece of total syndicated loan issuance was 19%, well down from 30% in 1999.
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