Liquidity reaches peak for leveraged loans, pushing terms tighter
Liquidity from CLOs at the peak of their reinvestment periods is leading to unhealthy conditions in the European leveraged loan markets, with the imbalanced supply-demand dynamic forcing investors to accept ever more aggressive terms. And with competition from a strengthening European high yield bond market and pressure from a performing US loan market, European leveraged loans bankers are pushing terms ever tighter in an effort to keep up.
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