“We have seen a feed through from what’s happening within new issues within the high-yield and European syndicated lev loan market to the pricing and structures that we’re seeing in our direct lending opportunities.
“And I think that that transmission mechanism is good and that is what we should be looking for and we should be seeing re-pricing within our markets associated with re-pricing in the more liquid elements of markets.
“That’s very positive. It means that, you know, things that we’ve liked but haven’t felt like investing – because they weren’t quite there in terms of value, they were there in terms of fundamental credit worthiness but they weren’t necessarily there in terms of value – have started to look a little more attractive.”
“These recent bouts of volatility are likely to become slightly bigger, and…I think they are…the early signs of what will happen when we start to see, you know, the slightly larger correction that is likely to occur when the global experiment by central banks…gets unwound…”
“…but I think actually the investor behaviour has been pretty good.”
“You know, we saw the biggest outflows that we’ve ever seen in a week in European high-yield just after that period in January and February. Then we saw a couple of weeks of, actually, things are okay, we didn’t just all run for the exits and that makes you feel slightly more comfortable about where we are and more comfortable about investing in the stuff you like…”
“…still cautious and mindful of the fact that there are things on the horizon to be concerned about.”