Secondary growth

A surge in demand from institutional investors has provided a boost for the leveraged loan market. Is it time for for non-bank investors to join the party, asks Alan McNee


The European leveraged loan market is typically viewed as a relatively small and insignificant part of the overall debt market of Europe. And while it may pale into insignificance in comparison with the volume of loans that banks consign to the balance sheet, it is still not to be sniffed at.

Last year a total of €45 billion in leveraged loans – usually defined as any loan with a spread of more than 125bp over Libor or Euribor – were sold by banks on to other banks and institutional

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