Brexit and the end of the US government
shutdown are likely to boost the leveraged lending market
throughout 2019, providing much-needed clarity to issuers and
setting off a bumper year supported by a buoyant M&A
"This has been one of our busiest
Januarys ever," said David Miles, partner at Dechert. "We have
seen record levels of fundraising across the landscape and the
considerable dry powder in the M&A market means there is so
much liquidity. It’s very different to 2008; this
will drive activity".
Leveraged lending is expected to resist
the multitude of global risks and post respectable figures this
year, following a drop in issuances by a third last year.
However, price volatility is likely to persist throughout
With valuations continuing to rise past extortionate levels,
the concern is that firms with high leverage ratios will suffer
from geopolitical risk. In this case, it...