JP Morgan dominates investment banking in a way no other institution has in the modern era. Whatever the measure – wallet share, market share, revenue, profits, share price performance, or sheer presence – JP Morgan is the answer. For the second year running, it is IFR’s Bank of the Year.
So here’s a funny thing. The one asset class that the great and good of the global economy seems to be worried about – leveraged loans – is just about the only one that has made money for investors in 2018.
Corporate bonds? In the red. EM bonds? In the red. Equities? In the red. Financials? In the red. You name it, investors have lost money on average in nearly all global markets.
The difference, of course, is that loans are floating rate and offer some protection against rising rates. Hence the rush to get exposure (whether directly or via...Read more