We recently joined a group of direct lenders for a round of golf. In between brilliant shotmaking we chatted about current trends in middle market leveraged loans.

For one thing, it seems many of us experienced a remarkably busy August, with the competitive landscape equally challenging.

Terms and structures have become as issuer-friendly as at any time in a decade. Toppy leverage and weak covenants aren’t always applied to the best credits.

▶︎ Read Sept 2 2019 newsletter: here