Ian Gilbertson is senior portfolio manager and co-head of US CLOs at Invesco. LFI recently caught up with Gilbertson to hear his views on, among other topics, the most recent repricing wave, the lopsided technical backdrop and the return of portability provisions.
LFI: At midyear the loan market is basically back where it started 2025, with a primary focused overwhelmingly on opportunistic business—mainly repricings and refinancings. What, broadly, are your expectations for the second half of the year with respect to primary issuance?
Gilbertson: In the aftermath of the pandemic, inflation risks and supply chain disruptions quickly emerged, leading to an elevated interest rate environment throughout 2022 and 2023. This had a cooling effect on sponsor-backed M&A and LBO activity…
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