Background Note | HBS Case Collection | October 2013 (Revised October 2015)

Note on the Leveraged Loan Market

by Victoria Ivashina


This note provides an introduction to the process of loan syndication and the evolution of the leveraged loan market. The note emphasizes the role of banks as loan originators and the evolution of the institutional investors' entry into the leveraged loan market. In particular, the note discusses the role and incentives of collateralized loan obligations (CLOs).

Keywords: Financing and Loans;


Ivashina, Victoria. "Note on the Leveraged Loan Market." Harvard Business School Background Note 214-047, October 2013. (Revised October 2015.)