Convergence in leveraged finance
Developments in European leveraged finance have led to the emergence of a more liquid and integrated market, as Nicholas Coates of The Royal Bank of Scotland (RBS) discovers
The leveraged finance market in Europe has changed dramatically since it emerged from the TMT 'bubble' of 2000/2001. Booming liquidity and increasing investor 'convergence' – where differing investor groups look to co-invest across a broad range of leveraged credit products – have created a more integrated marketplace offering borrowers a broader range of products in ever-increasing size.
Background
Scroll back to 2001/2002 and the market was very different. A somewhat monolithic
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