UK loan market conditions (TT May99 p11)

This year has seen the advent of a new generation of jumbo deals in the European acquisition finance market, with Vodafone’s $10.5bn facility, Mannesmann’s €7.95 and the €22.5bn Olivetti loan making the news. The Olivetti deal, in particular, offered record ticket sizes coupled with highly attractive pricing and drop-dead fees and until now few would have predicted the apparent depth of the European market.