Bankers specialising in leveraged loans and high-yield bonds say 2015 will start off in a similar fashion to 2014: with the same level of confusion about how to interpret US regulators' leveraged lending guidelines that have been in force for almost two years now. Only bankers seem to be getting that little bit more frustrated. There have been some dramatic developments over the past 12 months: Credit Suisse got its wrists slapped (when it received a so-called "Matters Requiring Immediate Attention" letter from regulators) for being overly aggressive on buyout loans it underwrote - the first real "punishment" for a bank involved in leveraged lending. And regulators have increased pressure by scrutinising banks' loan books on a monthly basis rather than annually.
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