Bankers eye growing market for US junk loans

Australian companies are tapping the deeply liquid US high-yield loan market in a trend that is worrying local bankers.

Australia’s debt market is poised for upheaval as the growth of an institutional private loan market gathers pace amid subdued M&A activity, prominent bankers say. 

Michael Tierney, head of APAC leveraged finance at Credit Suisse, says the lack of local deal flow has created “huge demand” from Australian corporates for mezzanine funding.

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