April 2014, European Leveraged Loan Market Analysis
 

April 2014, European Leveraged Loan Market Analysis

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Of note is the imbalance created by thin supply and vigorous demand, which is causing conditions in the market to become increasingly issuer-friendly. The loan market definitely felt more lively in ...

Of note is the imbalance created by thin supply and vigorous demand, which is causing conditions in the market to become increasingly issuer-friendly. The loan market definitely felt more lively in terms of new issuance, with a mix of new buyouts and opportunistic refinancing and repricing activity coming over the horizon. The elephant in the waiting room is Numericable, which has lined up a huge covenant-lite M&A financing to back its bid for SFR.



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Video presentation of these slides:
http://youtu.be/6RtYz52oErI

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April 2014, European Leveraged Loan Market Analysis April 2014, European Leveraged Loan Market Analysis Presentation Transcript

  • European Leveraged Finance Market Update April, 2014 Ruth McGavin,Associate Text
  • . Annual Senior LoanVolume400.0
  • €0B €5B €10B €15B €20B €25B €30B €35B €40B €45B 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1Q14 . Text Annual Arbitrage CLOVolume Source: LCD - Leveraged Commentary & Data
  • . Average TLB Primary Spread andYield to Maturity
  • . 0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 3.41 3.37 3.50 3.62 4.01 4.25 4.60 3.90 3.28 3.45 3.85 3.62 3.90 3.73 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1Q14 Annual Pro Forma Debt/EBITDA Ratios of LBOs Text First Lien/EBITDA Second Lien/EBITDA Other Debt/EBITDA Source: LCD - Leveraged Commentary & Data
  • -6% -4% -2% 0% 2% 4% 6% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 . Text Quarterly Index Returns (excluding currency) Source: S&P European Leveraged Loan Index
  • . Text Forward PipelineVolume as of April 4, 2014 €0B €1B €2B €3B €4B May 2013 June 2013 July 2013 Aug 2013 Sept 2013 Oct 2013 Nov 2013 Dec 2013 Jan 2014 Feb 2014 Mar 2014 Senior InstitutionalVolume Other Senior Debt + Mezzanine as of Apr 4,2014 Source: LCD - Leveraged Commentary & Data
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