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Mutual funds sell off lev loans as market prices in Fed rate cut

Mounting expectations that the US Federal Reserve could slash interest rates in 2019 is a prompting a new wave of redemptions among leveraged loan funds, similar to the selloff in the fourth quarter of last year that pushed CLO warehouses underwater and resulted in significant volatility through year end.

  • By Alexander Saeedy
  • 25 Mar 2019
Market sources report that investors in Invesco’s BKLN senior loan ETF, of which at least 80% is made up of the component securities that comprise the S&P/LSTA US Leveraged Loan 100 Index, are redeeming shares and sparking a selloff of a large number of loans as the appeal ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 58,403.50 191 10.75%
2 JPMorgan 50,900.93 151 9.37%
3 Bank of America Merrill Lynch 41,109.55 134 7.57%
4 Wells Fargo Securities 40,627.46 119 7.48%
5 Credit Suisse 38,293.05 120 7.05%