Park Square Capital, one Europe’s largest alternative capital providers, has raised US$2.4bn of committed capital for its Credit Opportunities II senior debt programme to invest in senior debt including leveraged loans as regulation continues to transform the market.
The upheaval in Europe’s banking sector and capital markets is being reflected in the changing structure of EMEA loan teams. UniCredit is the latest European bank to move to a combined global loan and bond syndicate team, following BNP Paribas’ recent move, setting the scene for further efficiencies.
Refinancing rates in the US leveraged loan market are at their lowest point in six years as higher spreads and yields are deterring opportunistic borrowers from trying to cut borrowing costs. At US$20bn in the year to date, refinancing volume is a whopping 90% lower than in the first quarter of 2014.