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Credit Crunch Bites Deep For Lbo Deals

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The elite banks financing the £11.1bn takeover of the retailer Alliance Boots may see their fees go up in smoke as an incipient credit crunch spreads though the capital markets.

Well there's a surprise then!

"Those profit margins that the banks were all writing into their books in May are not going to be there, even if they won't lose their shirts." The key banks are Barclays Capital, Citigroup, Deutsche Bank, JP Morgan, Royal Bank of Scotland, Unicredit and BAS Capital Funding.

Its not systemic then either!

"Don't be misled by any single day's improvement. There's a huge pipeline of leveraged deals that could face difficulty." he said.

Sums it up nicely.

Enjoy another great bear day


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