The imbedded risk of US leveraged loan packages with reduced lender protections is not reflecting on the trading values, to the dismay of investors who want to see a greater premium for the heightened risk exposure. Some of the largest leverage buyouts completed last year, including financings for refinitiv and envision, pushed the boundaries on documentation, securing tight pricing and narrow discounts with little pushback from a market that had seen red-hot demand for loans paired with low supply.
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