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European leveraged loan analysis 2Q 2015


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Repricings were the talk of the European leveraged loan market during 2015's second quarter, largely because there was little else going on. M&A activity, often a main driver of volume, took much of the quarter off.

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European leveraged loan analysis 2Q 2015

  1. 1. €0B €1B €2B €3B €4B €5B €6B €7B €8B €9B 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Repricing loan volume
  2. 2. €0B €5B €10B €15B €20B €25B €30B €35B 1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14 2Q15 M&A Other New-issue loan volume
  3. 3. €0B €1B €2B €3B €4B €5B €6B €7B €8B €9B €10B Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Monthly repayments
  4. 4. E+100 E+200 E+300 E+400 E+500 E+600 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Spread OID over 3 years Euribor floor benefit Average all-in TLB spread of B-rated loans
  5. 5. 96.0 96.5 97.0 97.5 98.0 Dec 2014 Jan 2015 Feb 2015 Mar 2015 Mar 2015 Apr 2015 May 2015 Jun 2015 Weighted average bid of S&P ELLI
  6. 6. 0.0 0.5 1.0 1.5 2.0 2.5 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 European arbitrage CLO issuance