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Banks call shots in M&A lending

Tough conditions in the credit markets are no impediment to large deals but, as InBev showed last week, the terms of financing have changed,

Paying by instalments for a television or car is unlikely to raise eyebrows, but when the trend reaches the realms of multi-billion dollar deals people are likely to take notice.

Last week, that’s what happened when Belgian brewer InBev completed the $52bn (€33bn) acquisition of US rival Anheuser-Busch with the support of a $45bn loan, the first $7bn of which will have to be refinanced within the next 12 months.

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