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Stock impact report

LPC: Loan market turns to term trust structure as investors search for yield [Reuters]

XAI Octagon Floating Rate & Alternative Income Trust Common Shares of Beneficial Interest (XFLT) 
Company Research Source: Reuters
LPC: Loan market turns to term trust structure as investors search for yield | Reuters 5 Min Read NEW YORK, Dec 1 (Reuters) - US credit managers are looking at new shorter-dated term trust structures as investors continue to target leveraged loans as a hedge against further interest rate rises by the Federal Reserve. Leveraged loans, which typically finance private equity buyouts, offer some protection against rising interest rates as interest payments float over the benchmark Libor rate, which rises as rates increase. Investment firms First Trust Advisors and Eaton Vance have raised term trust funds in the last 12 months to invest in the US$939bn US leveraged loan market, according to deal documents. Octagon Credit Investors teamed up with XA Investments for a term trust fund that may invest in first- and second-lien loans, and hold as much as 50% of its portfolio in the debt and equity of Collateralized Loan Obligation (CLO) funds. Term trusts have a set maturity unlike closed-end f Show less Read more
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