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RePEcRisk, Credit & Banking

The Cov-lite Liquidity Advantage, Regulatory Pressures, and the Evolution of the Leveraged Loan Market

Post-GFC, banks facing stricter regulation increased cov-lite loan issuances due to liquidity advantages that lower credit spreads, particularly for private firms seeking easier asset sales.

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Featured in No. 133 on 2 Oct 2026 · 12 days after release

Loan market issuance trends over time Panel A of this figure shows the percentage of loans (by number and loan amount)
Figure 1: Loan market issuance trends over time Panel A of this figure shows the percentage of loans (by number and loan amount) that are issued by borrowers not registered with the SEC. Panel B shows the percentage of the number as well as the amount of loans that are cov-lite for registered vs. u…
Released
20 Sep 2026
First featured
No. 133 · 2 Oct 2026
Published in
Not yet, as far as Semantic Scholar knows
Fanfare
2 of 5
Identifier
RePEc:nbr:nberwo:35617
Authors
Robert Prilmeier and René M. Stulz

Citations and venue from Semantic Scholar (ODC-BY), refreshed weekly. Summary: Quant Letter (CC BY 4.0).

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