Perhaps it’s not actually a full-on bacchanalia in the loan market. To be sure, we are 10 years into a recovery, Fitch’s loan default rate sits at just 1.5% (and is expected to just inch up through 2020) and lenders are likely to accept lower spreads and looser terms. However, even in this environment, recent research from Covenant Review and LCD suggests a market that does demonstrate rational behavior.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.