Bankers have completed one of the biggest sales of risky leveraged loans in Europe since the credit crunch in a sign that the right deals can get done in spite of tumbling prices in the secondary markets.

The sale of $2.98bn of loans backing the $4.1bn buy-out in May of ConvaTec, a wound-care business, by Europe’s Nordic Capital and US-based fund Avista Capital Partners was completed late on Friday, even as the syndication of another big European financing was canned.