The development of the simple syndicated loan into a more liquid security advanced a stage further this summer with two groundbreaking financings which arranger Donaldson Lufkin & Jenrette (DLJ) describes as bond/loan hybrids.
In leveraged loans for American companies, non-bank institutional investors now account for roughly 50% of lending, bankers estimate. Institutional investors – including prime-rate mutual funds, insurance companies and pension funds, special purpose vehicles for collateralized loan obligations and even cross-over junk-bond buyers – are all attracted to leveraged bank loans.
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