NatWest Markets joins leveraged loan swap market

By Owen Sanderson
09 Jan 2020

NatWest Markets has started to offer currency swaps on leveraged loans, with its first ‘perfect asset swap’ traded in December. It joins just two other banks regularly offering the product, which is crucial for connecting the sterling leveraged finance market to the deep demand created by euro-based CLO buyers.

GlobalCapital understands, however, that the swap went the other way — NatWest Markets led the only sterling leveraged loan CLO in existence, PGIM’s Dryden 63 GBP, which was priced in 2018, and the asset swap was for a loan going into that deal.

Sterling leveraged loans and secured ...

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