The end of 2021 will mark a milestone in global financial markets when regulators, in effect, phase out the “LIBOR benchmark” that underpins much of the global financial system
With M&A and corporate lending on the backburner across Asia, leveraged loan issuance dropped in 2019
Based on several large deals and the maturing market’s appeal to investors, 2019 leveraged loan issuance has been strong
Cov-lite terms dominate leveraged loan issuance in a market hungry for yield, but lenders are focusing on well-rated credits
Default rates in the leveraged loan market remain low, but continued softening of loan terms is giving lenders pause
Schuldschein loans have evolved from domestic financing products focused on the specific requirements of German companies into increasingly popular options for international borrowers and investors
In both the US and Europe, strong appetites for bonds pushed volumes up after a summer slowdown
The leveraged loan market remained cautious after the summer lull
Fears of a downturn and peaking credit cycle have slowed activity overall, but demand from M&A and cov-lite still dominates and high yield is picking up
Issuance held up in H1 2019 but regulatory and market uncertainty could have a damping effect in the future
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