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European loan market update ā€“ latest insights from the desk

19/03/2020

In this update, M&Gā€™s Leveraged Finance team provide their views on the latest developments in the European loan market amid ongoing uncertainty surrounding the Covid-19 pandemic on a much broader level.

  • While the European loan market is spared the extreme pressure that public bond and equity markets have been seeing – being largely institutional in nature, with no Retail capital, no ETFs and little daily-dealing fund participation, still less a CDS market with which to be buffeted – it is not immune nor unaffected even by small flows.
  • There will be a time of huge investment opportunity to come in European loans but there is no rush. Scoping the durability and liquidity of all companies concerned and considering the ‘right’ price for risk in the post-pandemic era – and feeling confident about its end-point – comes first.

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