Issuers in leveraged lending today are divided into three categories: the haves, the have-nots, and the wish-they-hads.
With about six weeks of business left to the year, the differences between haves and have-nots is growing.
In the #BroadlySyndicatedMarket, the combination of triple-C anxiety among CLO managers and cash out-flow worries with retail funds have impelled a flight-to-quality. Better rated issuers in defensive sectors are sailing through, while “story” credits are only getting sold with investor-friendly changes…
▶︎ Read Nov 4 2019 newsletter: here
