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CREDIT COMMENTARY
Jan 25, 2016
Markit European loan volume survey
The total trade volumes in the European loan market are slightly down in the final quarter of 2015.
Total volumes have dropped to "14.807bn, down 4.5% from "15.509bn in the previous quarter. Year on year volume is almost identical to the "14.877 we saw in the fourth quarter of 2014. Highlights include:
- Leveraged loan volumes (Western Europe) constituted 60% of the total volume in the fourth quarter, down on the 68% composition of the previous quarter. This was significantly down when compared to the 82.5% recorded at Q4 2014. Of the 60% for Q4 2015, 53% of total was conducted on Loan Market Association (LMA) par documentation versus 6.5% on LMA distressed documentation
- European investment grade loan volumes represent 26.3% of the total, significantly up from last quarter's share of 17.4%
- Emerging market figures held steady in Q4 (Eastern Europe, Middle East and Africa), with 14.1% of the total volume against the previous quarter's mark of 14.3%
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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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