Rising interest costs have sparked speculation about whether companies with loan-only capital structures might be vulnerable. Investment Director Cheryl Stober puts rising interest costs, debt service capacity and capital structures into context.
Investment Director Cheryl Stober shares her team’s expectations for defaults, risks and opportunities in bank loans.
Exceptional circumstances roiled the loan market in the first half. It's impossible to say what will happen next, but the loan market's floating-rate feature could offer value in multiple scenarios versus other fixed income assets.
Leveraged loan supply and demand experienced a banner year in 2021.
Collateralized loan obligations are the largest source of demand in the loan market. Cheryl Stober breaks down some key drivers of CLO manager behavior.
Losing interest in bank loans now that rates have begun to fall? It’s a common gut reaction for those who have a narrow view of loans as a tactical play on interest rates. However, loans have other virtues worth considering in the current environment. Here are two factors that might have you rethinking your instinct to swipe left.
Loan-only capital structures have gotten some negative attention lately. Critics caution that loan-only structures leave senior-loan investors vulnerable because there is no subordinated debt below them if the company goes bankrupt.
As we learned in the childhood fable The Tortoise and the Hare, the tortoise’s steady pace puts him ahead of the hare. We like to think of senior loans as the tortoise of the investment universe. Here are some highlights about this slow and steady asset class and how it may help your investment portfolio.
Loomis Sayles' Cheryl Stober thinks of senior loans as the tortoise of the investment universe. Read her recent blog for more on this slow and steady asset class and how it may help your investment portfolio.
When talking with potential investors, a refrain we often hear is, “I was burned by bank loans before, and now I’m not sure if I should buy them again.” Is this fear unique to the bank loan asset class?
Our bank loan team has long believed that BB-rated bank loans can be very attractive to asset allocators who wish to reduce volatility, improve risk/return trade-offs, and ameliorate drawdown in high risk categories such as high yield and equities.