Neuberger Berman calls for global HY funds to incorporate euro levloans
A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.
European borrowers began a trend seven years ago replacing their loans with high yield bonds, which provided greater flexibility in documentation and freed them from maintenance covenants. That trend is now in reverse as companies head back to the leveraged loan market.
“More recently, they have
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