At The Deal's Fifth Annual Private Capital Symposium Wednesday, John Eydenberg, the head of leveraged finance at Deutsche Bank Securities, gave his take on the state of the debt markets.
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"For the last nine months, any leveraged finance professional has been spinning around with a blindfold on," Eydenberg joked, "but now were coming around to a turning point."
"There were a lot of guys waiting to call the bottom, and now feel like they missed it," he commented. "In the last 10 days, the backlog has grown because the banks have started to lend again. It may only be the third quarter of the game, but we are seeing lending again."
"It was about three weeks ago when the [LBO debt commitment] backlog started not to matter [that] investors started to focus on fundamentals," he continued. "The change started with the Bear Stearns crisis." - George White
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