Middle Market Debt Weekly: Liberation Day’s Second Act Collides with a Leveraged Loan Market Flashing Risk-Off
The week ending April 4 was dominated by the one-year anniversary of “Liberation Day”—and the Administration’s decision to mark it by announcing 100% tariffs on branded pharmaceutical imports and recalibrating metals duties on April 2.2 These actions landed on a market already digesting a volatile Q1 in leveraged credit: total primary leveraged...
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