Buyout activity is picking up pace in Europe, but a number of banks are taking a cautious approach to new risk, looking for higher pricing, more flex protection and in some instances fuller fees on junk-rated debt underwrites against a backdrop of heightened volatility, inflation and rising rates. Russia’s invasion of Ukraine felled a positive start to the year by all but shutting Europe’s high-yield bond and leveraged-loan market, leaving banks sitting on $37bn of existing underwrites they have so far been unable to sell down. The assumption is that banks will attempt to sell a lot of that following the weekend in mid-April, but an increase in potential M&A deals means many have also been
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