The U.S. leveraged loan secondary market softened in June amid a busy slate of new issues, one that produced the highest volume of M&A-related loans in 17 months. While gains in most corners of the market lost steam, the riskiest loans outperformed yet again. And investors continue to turn to lower-rated assets in search of yield amid still-favorable financing conditions and an...
READWhat are the key themes to shape the Leveraged Loan and High Yield Bond markets in 2021 and beyond? 1: Credit quality This is expected to remain a question mark in the leveraged loan market. The deterioration of the ratings mix in the S&P/LSTA Leveraged Loan Index began playing out long before the COVID-19 pandemic inflicted damage to corporate balance sheets in early 2020. The...
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