Much has been said and written about the development of the secondary loan market in Europe over the past five to 10 years, much of it hyperbole. But there is now real progress taking place, especially in the secondary leveraged loan market where volumes have grown sharply over the past 18-24 months. While the secondary market for investment grade loans in Europe has been muted over the last 12-18 months, there has been a sharp increase in trading volumes in the rapidly expanding leveraged loan universe, which is principally a reflection of the institutionalisation of the market.
March 11, 2005