Friday Letter: Here come the institutions

European leveraged finance professionals would surely agree - with a few exceptions - that the environment in which they operate has become decidedly more eclectic - as well as diverse - over the last year or two. This is reflected in both the sources and amounts of capital now available to fund transactions. That much appears self-evident. There is, however, scope for more divergent views when consideration turns to the ways in which such increasing diversity is affecting traditional relationship dynamics in the industry.