PineBridge’s Lapham Believes in Lev Loans

John Lapham, who co-manages PineBridge Investments’ leveraged finance group, believes in the leveraged loan market. In a recent report, he wrote that, even after two very volatile years in 2008 and 2009, the leveraged loan market...

Pending Loan Maturities May Spur Primary CLO Issuance

Over the past year, there has been considerable discussion around the ‘refinancing cliff’ and the looming gap between the supply and demand for leveraged loans. As the market has worked through some of the earlier loan maturities...

Are Naked CDS Too Revealing?

When the risk of a security can be split from its cash host, and the risk itself traded separately, things have changed. But what exactly has changed? This question has recently arisen with regard to credit derivatives...

Missing from the Debate: Compensation

A key factor that has scarcely been mentioned throughout the debate over financial regulatory reform has been motivation. What motivated people—traders, bankers, CEOs—to do the foolish things that...

Economy Pressures U.S. Middle-Market CLO Performance

The well-documented struggles of the U.S. economy continue to pose difficulties for borrowers underlying U.S. middle-market CLOs. Whereas early middle-market CLOs benefited from solid performance of underlying middle-market loans...

The Future of Leveraged Lending

The mood at the annual Association for Corporate Growth InterGrowth conference is usually a good barometer of the state of acquisition finance. ... The “big question” remained: When will lending return, and what it will look like when it does?

More