Euro Leveraged Loans Growing Especially Via SMAs

By Alastair Sewell, Manuel Arrive, and Brian Knudsen of Fitch Ratings   Summary Strong Growth, Low Base: Fitch Ratings estimates that open-ended Europe-domiciled loan funds have had strong average annual growth of 50%-60% over the last five years. However, this comes from a low base: Fitch estimates total assets of just EUR40bn across all European open-ended funds at end-June 2016, with […] Read more »

CLOs: The Comeback Kings

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By Torben Ronberg, Head of Sub-Investment Grade at ECM Asset Management   “Comeback” is the right way to describe the CLO market this year (Collateralised Loan Obligations – securitised portfolios of predominantly senior secured leveraged loans). Led by the US CLO market, we have seen global issuance YTD in 2014 of a staggering $101.5bn*. 88.5% […] Read more »

European Loan Market Comment

By Alex Woolrich, Portfolio Manager at ECM The European loan market has seen limited activity this week as the late summer lull continues, with no new loan deals launched and the secondary market seeing little volume. Market participants awaited Wednesday’s FOMC meeting minutes for indications of when tapering of Fed QE purchases might begin, but […] Read more »