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CREDIT COMMENTARY
May 09, 2017
Syndicated loan trade volume bounces back in Europe
The European loan market has bounced back in 2017 after four consecutive quarters of declining volume in 2016. Total volumes were up 16.5% from "11,665m in Q4 2016 to "13,586m in Q1 2017. The year on year figures are up 5% against the "12,935m recorded in the first quarter of 2016.
- Leveraged loan volumes (Western Europe) constituted 73.2% of the volumes, which was slightly up on the 70.7% observed in the previous quarter and 68.6% in Q1 2016. Of the 70.7% this quarter, 51.7% was conducted on LMA Par documentation compared against 21.7% on LMA Distressed documentation.
- European Investment Grade loan volumes represented 14.5% of the total, very similar to the 14.7% we saw last quarter but down on the 16.9% we recorded in Q1 2016.Emerging Market figures (Eastern Europe, Middle East and Africa) represented 12.3% this quarter which was down slightly from the 14.6% we saw last quarter but up on the 14.5% we saw at this time in 2016.
- Emerging Market figures (Eastern Europe, Middle East and Africa) represented 12.3% this quarter which was down slightly from the 14.6% we saw last quarter but up on the 14.5% we saw at this time in 2016.
The biggest rebound came in the Distressed market with volumes the highest since the end of 2014. Levels are up 81.5% from "1,627m in Q4 2016 to "2,954m in Q1 2017 and up 140% from the "1,232m posted in Q1 2016. Investment Grade figures are up 14.3% from "1,720m last quarter to "1,965m in the quarter just gone and Par levels are up 5.7% from "1,720m to "1,965m in the same period. Emerging Markets are the only segment down, albeit slightly at -1.8% from "1,704 to "1,674m.
Rory McSwiggan, AVP, Markit Loan Pricing
Tel: +44 20 7064 6404
rory.mcswiggan@ihsmarkit.com
S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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