Though financing for leveraged deals is getting trickier, the pace of merger and acquisition activity will remain brisk, a Goldman, Sachs & Co. investment banker told corporate treasurers this week.

Speaking to a session of the Treasury Management Association's annual conference here, John Townsend, co-head of Goldman's leveraged finance group, said the recent widening of spreads in the bank loan and high-yield bond markets has made it more expensive for corporations to fund acquisitions.

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