Sound and fury

The once staid loan market continues to be rocked by the credit crunch fall-out. In exiting the bank syndicate backing the merger of Lyondell and Basell ahead of syndication, Citi has further stretched the boundaries of acceptable behaviour. The lead left bank arranger sold its exposure to a US$9.45bn term loan B in an unprecedented solo run that left some of its co-arrangers reeling. Donal O'Donovan and Michelle Sierra Laffitte report.

Financial Services