Cross-Asset Thematic Strategy, Edelscourt

Albert Maass

Albert brings over three decades of experience from the financial industry, having worked with top institutions across the UK, Americas, and Asia. His broad expertise spans investments in multiple asset classes and extends to risk management.

In a previous role, Albert served as the Head of Alternative Investments at Shinsei Bank in Japan, where he oversaw a varied portfolio comprising private equity, hedge funds, reinsurance, credit, and other assets. His distinguished career has seen partnerships with prestigious institutions such as HVB, the European Bank for Reconstruction and Development, Nomura International, Mariner Investment Group, Allied Capital Asset Management, and the Central Bank of Chile.

Albert is a certified Financial Risk Manager (FRM) and is an alumnus of the Universidad Católica de Chile, with a degree in Business and Economics

Cross-Asset Thematic Strategy

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

Leveraged loans are syndicated bank loans to corporations that are below investment grade.They attract investors either directly or through CLO tranches, because leveraged loans are senior to corporate bonds of the same obligors, thus less risky in case of default, yet offer attractive spreads over the risk free rate.However, leveraged loans have a downside in case of economic slowdown. Here, we try to quantify what would happen to a portfolio of such loans should a slowdown, usually reflected in a widening of credit spreads, occur.

Leveraged loans are syndicated bank loans to corporations that are below investment grade.They attract investors either directly or through CLO tranches, because leveraged loans are senior to corporate bonds of the same obligors, thus less risky in case of default, yet offer attractive spreads over the risk free rate.However, leveraged loans have a downside in case of economic slowdown. Here, we try to quantify what would happen to a portfolio of such loans should a slowdown, usually reflected in a widening of credit spreads, occur.

Are Leveraged Loans Really Risky?