High-Yield Bonds, Leveraged Loans, CLOs, and Nonband Lenders' Impact on Credit Markets

Panel #2 - The Shadow Grows: High-Yield Bonds, Leveraged Loans, CLOs, and Nonband Lenders' Impact on Credit Markets
Moderator: Oleg Melentyev, High-Yield Strategy, Bank of America, Merrill Lynch
Panelists:
- Mark Carey - Co-President, GARP Risk and Ex-Associate Director in the Division of International Finance, Fed Board of Governors
- Victoria Ivashina - Lovett-Learned Chaired Professor of Finance and Chair of the Global Initiative for the Middle East and North Africa Regions
- Craig W. Packer - Co-Founder of Owl Rock Capital Partners and CEO of Owl Rock Capital Corporation.
Video courtesy of NYU Stern.

[@nobodysfool2232]

Great insights. Watching this in 2023 and Mark turned out to be 100% correct about what cove lite loans would do to recoveries. Recovery rate in lev loans today are ~40%. Meanwhile in the cove-heavy sister market of middle market lending, recoveries remain high ~70%. Covenants are very meaningful to long-term investment performance.

[@zachmorin616]

Interesting to watch this only months before Covid

[@dont_trust_any1_even_ur_waifu]

bullseye

[@minutescouldsaveyoupercentormo]

what do you mean

[@heathcostantine3056]

thanks Kroll!