Gunther Stein is head and chief investment officer of Sound Point’s US performing credit platform. LFI recently caught up with Stein to hear his views on a range of issues impacting the loan market, including prospective M&A activity, areas of perceived opportunity and the balance of power between BSL and private credit.
LFI: The new-issue loan market just had its longest stretch without a priced deal—19 days—since the Covid era. What are your expectations at this stage for a near-term return to normal, so to speak, for primary activity?
Stein: While we don’t expect conditions to get back to normal any time soon, we do anticipate delayed deals to start hitting the market at cheaper levels, with potentially better terms for lenders. As we speak, we are seeing…
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