UPDATE 1-Shrinking lender protections frustrate loan buyers [Reuters]
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Source: Reuters
UPDATE 1-Shrinking lender protections frustrate loan buyers - Reuters 6 Min Read (Adds details throughout) By David Brooke NEW YORK, April 24 (LPC) - 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. “There should be more of a gap in the price and yield of deals that are constructed conservatively versus those that have super loose documentation,” said Leland Hart, head of US loans and high yield at Alcentra, an asset manager. “The implied variability in recovery rates due to loose documentation and potential dispersion of outcomes to the
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