Leveraged Finance Chart Book. Europe January 2019
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1 Leveraged Finance Chart Book Europe uary 19
2 Contents 3 uary Brings Tentative Primary Revival Monthly Trend Charts Contact Details
3 uary Brings Tentative Primary Revival Slow loan issuance based on add-ons and smaller buyouts Institutional loan issuance in uary amounted to EU.7b, % down compared with the busy opening month of 1. Issuers and investors were gradually rebuilding confidence after a rough ride at the end of last year, to prepare for what should be a busier spell ahead as M&A picks up New Issue EUR/GBP 1L/L institutional loans. Excludes repricings This year's early transactions included add-on facilities for Wittur, Nets and M7. Larger deals included a secondary buyout for Comexposium, a refinancing for Independent Vetcare, and a cross-border refinancing for Getty Images Comexposium printed at the tight end of talk after improvements to documentation, at E+, %, 99.5, and moved to around par in the secondary market. Nets and Wittur tightened their OIDs and priced at par. Nets also upsized after more than accounts jumped in Single-B spreads spiked in December as deals struggled in syndication. In the three months to end-uary, the average for single-b credits was bps, versus bps in Q1 3
4 aury 19 European LevFin Issuance Institutional loan volume: EU.b % decrease vs 1 New money loan volume: EU1.b % decrease vs 1 M&A loan volume: EU1.13b % decrease vs 1 CLO new issuance: EU.5b % decrease vs 1 HY new issuance: EU1.5b 75% decrease vs New Issue EUR/GBP 1L/L institutional loans. Excludes repricings Use of Proceeds New Issue Refinancing New Money Reprice Feb-Dec EUR/GBP 1L/L institutional loans. EUR/GBP 1L/L institutional loans. Excludes repricings. Monthly data subject to revisions.
5 M&A Issuance M&A Issuance M&A Other Feb-Dec EUR/GBP 1L/L institutional loans. Excludes repricings. EUR/GBP 1L/L institutional loans. Excludes repricings Repricing Sponsored share of M&A Issuance Reprice Sponsored Non-Sponsored EUR/GBP 1L/L institutional loans. EUR/GBP 1L/L institutional loans. Excludes repricings. 5 Monthly data subject to revisions.
6 Basis Points Basis Points Avg. Single B All-in Spreads Avg. All-in Spreads m AIS average m AIS average EUR 1L institutional loans. Single B and unrated issuers. EUR 1L institutional loans European CLO Issuance CLO Reset/Refi Monthly data subject to revisions.
7 HY HY Feb-Dec HY corporate bonds. HY corporate bonds European Loan/HY Issuance FRN LevLoans HY EUR/GBP 1L/L institutional loans (excludes repricings) and HY corporate bonds. HY corporate bonds. 7 Monthly data subject to revisions.
8 Contact Details Gianluca Ansaldi Bloomberg Data Syndicated Loans Ruth McGavin Bloomberg News Leverage Finance Strategist k Phillips* mphillips@bloomberg.net Bloomberg ket Specialists Credit, Loans and ABS/CLO *Please contact if you would like to arrange a demonstration of Bloomberg functionality for leveraged finance
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