The European loan market is a large and long-established one, being fully transparent in its pricing and trading liquidity and consisting of significant (€1bn+) companies that typically come from defensive sectors and exhibit strong free cashflow. Credit spreads compare very favourably to comparable bond markets as well. Senior secured and with floating-rate income streams, in our view this asset class is well placed to withstand the geo-political and economic uncertainties ahead, while having capital upside in the event of a soft-landing and a re-starting of M&A, but with downside protection in the event of deteriorating macro-economic conditions. Join the M&G Leveraged Finance investment team for a refreshed look at this mature asset class - a recommended part of any diversified portfolio.