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Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Market has mostly been a ghost town even as pipelines in other asset classes fill up
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Investors have done better at standing their ground so far this year but managers want looser terms
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Triple-As in the European primary market are back up to 130bp after early-August shake-up
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Managers have had to crank up spreads to lure investors into euro deals since early August volatility
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Several managers are out with deals in line with last month’s levels as market rallies after early-August volatility
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Tranches from both managers priced up to 75bp wider than deals in early August