European and US banks are starting to break "gentlemen's" agreements to syndicate leveraged loans together in an effort to try to rid themselves of buyout debt many agreed to underwrite but have failed to sell on.
Credit Suisse, Morgan Stanley and Royal Bank of Scotland are each seeking to privately sell their proportion of the near $21bn (â¬13.6bn) of leveraged loans backing the private equity buyout of US radio operator, Clear Channel Communications.
