The syndicated loan market is the beating heart at the core of the world's financial system. More than any other facet of finance, it is loans to companies that drives expansion, profitability and ultimately share prices. Without access to this - the most basic and senior form of capital - the world's conglomerates could not operate. As the aristocracy of debt, the syndicated loan market has not suffered from the credit crunch to quite the same extent as its less blue-blooded relations in the bonds and derivatives arena. But it has not come away unscathed - the liquidity crisis set off by the US subprime debacle has had a profound impact on the loan market.
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