Mezzanine back to stay after credit crunch

European mezzanine saw a drop of 30% last year compared witj 2006, according to research by unquote" and Private Equity Insight. However, as the credit crunch hit, institutional investors deserted the second lien and CLO markets, which had crowded the traditional mezzanine space, meaning happy days are back on the cards and the sub debt now accounts for a larger portion of Nordic deals (see graph). The Nordic market has been more conservative and less dominated by junior debt products, but there is still a shared consensus that mezzanine has seen a definite comeback post credit squeeze. (Page 16)

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