The U.S. economy is on solid footing except for one potential trouble spot, according to Bank of America CEO Brian Moynihan: leveraged loans.
The U.S. economy is on solid footing except for one potential trouble spot, according to Bank of America Corp. Chief Executive Brian Moynihan: leveraged loans — a business the bank has dominated for a decade.
Bank of America is sitting atop a ranking of leveraged-loan book runners for a 10th year, according to data compiled by Bloomberg. The firm has limited exposure to collateralized loan obligations, Chief Financial Officer Paul Donofrio said in January. The leveraged loan market is relatively small, meaning any shakeout is less likely to affect broader markets, according to Moynihan. The “real debate” belongs with the leveraged finance deals that are done outside of banks, Moynihan said — echoing views of financial watchdogs who have expressed concerns that risk has shifted outside their purview.Bank of America was book runner on some $317 billion of leveraged loans this year, accounting for 10.
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