This is pure risk management, a second syndicate head said.

It shows the strength and depth of the European loan market, a second syndicate head said.

They paid a high price but got a lot of flexibility, the second syndicate head said.

Three months later, if there are still issues, people will be less lenient, a second syndicate head said.

He described the second syndicate involved in the bust as an "organised crime group" - not a gang.

Sponsors are taking money off the table and debt is a lot cheaper than equity, a second syndicate head said.

There is still good liquidity to be deployed but investors won't be piling in stupidly, a second syndicate head said.

Companies will have to pay up and banks will have to wait for it to be refinanced, a second syndicate head said.

"This second Syndicate barrage will throw up more junk," Drakon said.