Secondary frustrations in leveraged loans

As the leveraged loan space has matured it has shifted back and forth between being an issuer’s and an investor’s market. Today, however, neither group is happy. Thanks to the state of the secondary market, it is nearly impossible for arrangers to syndicate new deals without losing money, and low price levels have forced many money managers to sell their loan portfolios. Neither side sees a solution to their problems in the near term. Donal O’Donovan and Timothy Sifert report.

Financial Services