Merrill CFO: leveraged loans strong even as investors more selective

By Jennifer Lanning Drey

Portland, Ore., July 17 - Merrill Lynch chief financial officer Jeff Edwards said he believes the undertones of the leveraged loan market remain strong despite investors having shown increased selectivity in recent months.

"I think that is both long-term healthy for the market, and I would describe it as a correction in the market, as we've seen in this market from time to time," Edwards said Tuesday after being asked about the state of the leveraged loan market by an analyst during the question-and-answer session of the company's second-quarter earnings conference call.

Specifically, Edwards said investors have become more selective about the structure and pricing of deals, but he added that Merrill Lynch has not seen a deterioration in fundamental credit or a decline in liquidity coming into the market.

"Well-structured, well-priced credits continue to effectively be structured in the market," Edwards said.

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