The U.S. leveraged loans market market recently topped $1 trillion for the first time ever, having grown each consecutive year since 2010. We asked Randy Schwimmer, head of origination and capital markets at Churchill Asset Management, if markets should be concerned:
"Not by the level per se, which is pretty consistent with the popularity of the asset class. More worrisome is large cap structural deterioration at the borrower level."
Illustration: Sarah Grillo/Axios
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White House press secretary Stephanie Grisham is departing her post to return to the East Wing as First Lady Melania Trump's chief of staff, the White House announced Tuesday. The news was first reported by CNN.
Why it matters: Grisham will leave after nine months without ever having held a formal press briefing. Her departure follows the arrival of new White House chief of staff Mark Meadows, who has a chance to overhaul a communications shop that's kept a low profile since President Trump ended the tradition of daily press secretary briefings.
Illustration: Sarah Grillo/Axios
SoftBank was sued Tuesday morning by a special committee of WeWork's board of directors for alleged breaches of contract and fiduciary duty related to SoftBank's decision to cancel a $3 billion tender offer for WeWork shares.
Why it matters: SoftBank is viewed by many in the private markets as an unfaithful partner. If this reaches trial, that reputation could either become widely cemented or reversed.