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By Andrew N. Sveen, CFACo-Director of Floating-Rate Loans, Eaton Vance Management and Craig P. RussCo-Director of Floating-Rate Loans, Eaton Vance Management

In the first half of 2020, the floating-rate loan market experienced an impressive turnaround: Loan prices bounced back sharply in the second quarter after the COVID-19-induced decline in March. Yet as of July 31, loans offered a yield of 6.11% — greater than both high yield and emerging markets debt. In this Q&A, the Eaton Vance floating-rate team focuses on why we still see value in loans, even with the strong rebound in price and with question marks surrounding the economy.