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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
Deal could include $950m of bonds
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New strategy will target tickets of more than $500m after banks retreat from sponsor-backed LBOs
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Strong names attract investors even for shareholder-friendly payouts
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CEO Winkelried tells investors inorganic growth is a priority and says firm is actively focused on credit
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Sustainability-linked structures are under pressure across asset classes
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Double-B companies price TLBs at widely different spreads
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Lenders are slowly beginning to claw back some safeguards, but many doubt they will get far