Markit European loan volume survey

Volumes have now dropped for the fourth quarter in a row and sit at their lowest level since Q2 2012. Q3 2016 total volumes are down 5%, from "12,868bn in the previous quarter to "12,202bn. The year on year figures are down by just over 22% from the "15,509bn seen in the third period of 2015.

• Leveraged loan volumes (Western Europe) constituted 65% of the volumes, which was slightly down on the 68.5% recorded in the previous quarter and on the 68.3% in Q3 2015. Of the 65% this quarter, just less than 60% was conducted on Loan Market Association (LMA) par documentation with just over 5% on LMA distressed documentation.
• European investment grade loan volumes represented 23% of the total, up on the 17% we saw last quarter and also up on the 17.4% we recorded in Q3 2015.
• Emerging market figures (Eastern Europe, Middle East and Africa), have dropped proportionally this quarter. They represent 12.2%of total volumes for this quarter; a decline from the 14.5% seen last quarter and the 14.3% in the third quarter of 2015.

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