Europe's LBO outlook: up, down and up again
These days it's hard to keep up with the mood of leverage finance lawyers, who are once again in one of their upbeat phases. Having been terminally gloomy since the credit crunch began, acquisition finance lawyers seemed in remarkably revived spirits by the start of 2010. Unfortunately, it didn't take long for the mood to sour as evidence of a slowdown in the US and, worse, mounting woes emerged in Europe's debt markets. Yet, counter-intuitively perhaps, the outlook has brightened into an Indian summer, with many of the leading deal finance teams reporting healthy levels of activity and respectable pipelines. Perhaps this is because, while the news from the US has worsened, signals from the eurozone and public finances have been at the more optimistic range of forecasts in recent months. It is also helping that, on the sponsor side, private equity houses are now in the position of having to do deals, given their need for exits and to put committed funds to work, even if conditions are far from ideal.
After a rollercoaster ride, deal finance lawyers are oddly confident once again
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