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Market Intersection: A Quarterly Look at the U.S. Credit Markets - 2Q19

U.S. loan markets remained cautious and the second quarter saw a brief reversal from loosening covenants due to uncertainty surrounding the trade war with China, dovish commentary out of the Fed and an increasing sentiment that the end of the credit cycle is near. While large sponsors continued to push the envelope, they faced significant resistance from institutional investors. Covenant flex was instrumental in retaining more reasonable terms in sponsor-backed credits clearing the market.

A Quarterly Look at the U.S. Credit Markets by Paul Hastings Finance team.


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