What do securitisation of esoteric assets, covenant-lite,
seven-times leverage and pre-crisis finance conditionality all
have in common? They've all returned quicker than people
expected. Much quicker.
"I thought we'd learnt our lesson, but perhaps not," has
become a standard comment on the state of the market. In the
darkest days of 2009, people were predicting a good four years
before the more frontier-pushing structures returned.
But the past six months has shown that the cycle has
shortened and that – already...