ID 55251082 © Rfischia | Dreamstime.com

Leverage need not be a bad word? Well, maybe.

That is certainly true if you look at very short-term trends since the turn of the year for the secondary leveraged loan market in Europe, which are highlighted below.

However, longer-term trends are less meaningful at a time when it is hard to gauge the appetite for many risky assets from the 110 trading level of $/¥ exchange rate – the Japanese yen typically appreciates as a value reserve in the bad times. Meanwhile, ...

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