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Global leveraged loan markets spring to life

After a challenging 2023, US and European leveraged loan issuance showed year-on-year gains in Q1 2024 as a more stable interest rate outlook encouraged borrowers and lenders to return to the market. After a challenging...more

European leveraged finance: A whole new world

European leveraged finance in 2023 was saddled with the negative effects of elevated interest rates. But as the market adjusts to the “new normal”, rate and price stability offer hope for a brighter 2024. -Rising interest...more

Macro headwinds dampen loan activity

Stubborn inflation, ongoing interest rate hikes and the banking crisis in the US and Europe have slowed activity across global loan markets at the start of the year, but there are signs that loan issuance may start rebounding...more

European leveraged finance battens down the hatches

As our latest leveraged finance report reveals, European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on...more

Sector focus: European infrastructure financing flows

In the face of rising interest rates and macro-economic uncertainty, infrastructure finance has proven relatively resilient when compared to the dislocation in other debt markets....more

Ready for restructuring

HEADLINES - -Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months -Cov-lite debt packages have given borrowers breathing...more

Hitting the brakes: European leveraged finance battens down the hatches

European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more

Economy pumps the brakes on loan markets

Leveraged loan activity slows in the US, Europe and APAC as a volatile economic backdrop and the rising cost of debt starts to weigh on issuance - Leveraged loan markets have been buffeted by a challenging macroeconomic...more

Macro-economic headwinds slow global leveraged loan market in H1

Rising inflation and climbing interest rates have slowed leveraged loan activity in Europe and the US, while COVID-19 restrictions in China dampened demand in Asia-Pacific - Leveraged loan markets across the globe faced a...more

Five factors driving leveraged finance in 2022

It was a year of rebounds in 2021, from the early hike in refinancing activity to the subsequent surge in M&A and buyout deals, as well as frenetic activity in the PE space, all of which contributed to a noteworthy uptick in...more

Resurging leveraged loan issuance points to a stronger year

After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year - Having navigated extreme market dislocation due to COVID-19 for the past six months, leveraged loan...more

European leveraged finance: A bifurcated balancing act: Data dive: European leveraged finance 2020

- The covenant-lite share of European institutional loan issuance in 2019 reached 92 per cent - European leveraged loan issuance in 2019 was down slightly on the previous year to €209.1 billion - High yield bond...more

€STR v. EURIBOR: the battle of the euro benchmark

Tomorrow heralds an important milestone in the evolving saga of LIBOR's discontinuation, seeing the launch of the fifth and final rate, €STR, as the proposed successor to euro LIBOR. However, although in our other articles...more

LIBOR and the transition to SOFR: the multiple options to transition

LIBOR, the reference rate for more than US$300 trillion of contracts globally and nearly US$200 trillion of US dollar contracts, is expected to cease after the end of 2021. In highlighting the limitations of the LIBOR reforms...more

LIBOR and the transition to SONIA: compounding the problem?

In 2012, the Wheatley Review recommended reform rather than replacement of LIBOR, on the basis that a transition to a new benchmark would pose an unacceptably high risk of financial instability. Reform came in the form of a...more

Ten years on: The surprising resilience of European leveraged finance: Market outlook for the year ahead

As the leveraged debt market has matured at pace in the past decade, many are hopeful that it will maintain an upward trajectory, at least in the medium term. As noted in the report, times have changed, and 2018 has seen a...more

Ten years on: The surprising resilience of European leveraged finance: The market pauses for breath in 2018

• In Europe, leveraged loan issuance is down 28 per cent year-on-year to €202.5 billion in 2018, but is up on all years between 2014 and 2016 • High yield bond issuance is down 37 per cent year-on-year • Leveraged loans...more

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