Twelve months ago, it would have been difficult to predict just how turbulent 2022 would prove to be in the world of leveraged finance. While expectations were not for a repeat of 2021’s bumper year in capital markets and M&A, investment bankers’ predictions were well short of disastrous. Inflation was starting to be a talking point, but rates still hadn’t moved. And even if they rose over time, surely they wouldn’t leap up so sharply that they would threaten post-pandemic recoveries?
Some $660 billion had been raised in the global high-yield debt markets in 2021, according to Moody’s, while leveraged loan volumes had hit almost $1 trillion. And at the start of 2022, private equity (PE) firms were still loaded up with dry powder of more than $1.5 trillion.
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