More than $60B financing deals pulled

LONDON (CNNMoney.com) -- Corporate credit deals have hit a snag, and there may be more pain to come.

Some 46 financing deals representing $60 billion have been pulled from the market since June 22, according to an analysis by Baring Asset Management.

By comparison, no deals were pulled in all of last year, according to the investment management firm.

Turmoil in the credit markets has hit some high-profile private equity deals, including the leveraged buyouts of Chrysler and British pharmacy chain Alliance Boots.

It's also left the banks that have already committed financing for such deals holding an estimated $400 billion on their balance sheets, Barings said.

It's unclear how quickly demand will bounce back, although many expect the paralysis that has hit the corporate debt market to last into the fall.

"It will be interesting to see how long it takes for the backlog of private equity funding to clear," Toby Nangle, fixed income investment manager at Barings, said in a statement.

"The lack of demand for structured credit, which is ultimately where much of the private equity funding has hitherto been ending up, is a key factor and, should it fail to return, the conditions in credit markets may become even tougher," he said.