19.1. General Overview: A World Between the Golden Age and Uncertainty

After a five-year period of economic growth and a buyout boom, for many countries the last quarter of 2007–2008 marked a turning point in the global private equity environment. The golden age has passed and a new age of uncertainty is starting, but for some it has the sweet smell of opportunity. With an estimated €200 to 300 billion in unsyndicated leverage loans on their books in 2008, it appears that banks were the first buyout players to suffer. As the attention of bankers moved from credit risk analysis to debt syndication, many say they are reaping what they sowed. The credit crunch may have been triggered by the sub-prime mortgage problems, but the consequences run deeper. ...

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