Bloomberg reported that despite a recent surge in merger and acquisition activity, we are experiencing the biggest “investor retreat” in three years from the U.S. leveraged loan market. Citing data, Bloomberg says that dealmakers have more than $85 billion in their loan pipelines, while investors pull $435 million from funds, which are used to buy debt in merger financings. Bloomberg noted this brings the net withdrawals for 2014 to $4.3 billion, leading to a borrowing cost jump to a more than two-year high.

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