Oak Hill Sees '08 Resumption of Leveraged Market
Daily News; White Plains › November 20, 2007
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Summary
NEW YORK (HedgeWorld.com) - The $1.5 trillion leveraged loan market is in gridlock, but supply and demand will find a new equilibrium six months to a year from now, predicted Glenn August, president of Oak Hill Advisors LP, a $10 billion hedge fund specializing in high-yield debt, bank loans and distressed securities.
Mr. August said that since the summer, the pendulum had swung from "greed to fear" and that the leveraged loan market is now characterized by a low demand for leveraged loans because investors are spooked by the uncertainty that currently prevails in the credit market. He spoke last week at a conference in New York, organized by Argyle Executive Form.See the full content of this document
Extract
Oak Hill Sees '08 Resumption of Leveraged Market
"If those financial conditions continue, either sellers' prices will have to come down or the buyers will have to bid higher. But right now, the sellers are not willing to move and the buyers are not willing to pay more," Mr. August said.
The result is a mar...See the full content of this document
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