Investors should focus on illiquid bank loans for best returns, says RBS

By Joseph McDevitt
28 Jan 2014

European bank deleveraging has presented credit investors with an enticing opportunity to move away from listed securities, such as ABS, and invest instead in unlisted loan portfolios, says Ganesh Rajendra, head of credit and mortgage strategy, EMEA, at RBS.

While yields in listed credit markets have fallen across the board, there has not been as much re-pricing of bank-held loans, such as mortgages or loans to SMEs and consumers, according to Rajendra. This means there is a yield premium available for investing in those illiquid — or non-CUSIP (Committee ...

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