Investors in Europe's leveraged loan market are taking an increasingly hardline approach towards more tricky credits amid volatile macro conditions and a bulging pipeline of new deals. Loans have been getting progressively more aggressive throughout 2015 as borrowers have pushed leverage levels, pricing and structures amid a lack of deals and a number of repayments that left cash-rich investors and warehousing CLOs desperate to deploy capital. While investors have tried to maintain a certain level of discipline throughout the year, this has stepped up in light of a growing nervousness about Greece. With the pipeline of new deals building, investors are becoming more selective on which credits to invest in and on what terms.
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