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CREDIT COMMENTARY
Apr 24, 2015
Markit European loan volume survey
The European loan market continued its upwards trajectory, albeit ever so slightly. Total volumes in the first quarter of 2015 rose by just under 4% to €15.457bn. The figure was quite similar to the €15.044bin recorded at the beginning of 2014. Highlights include:
- Leveraged loan volumes (Western Europe) constituted only 67% of the total volume in the first quarter, compared to 82% last quarter. 56% of the total was conducted on Loan Market Asociation (LMA) par documentation versus 11% on LMA distressed documentation
- European investment grade loan volumes represent 21% of the total, up significantly from last quarter's share of 13%
- Emerging market figures were also up significantly in Q1 (Eastern Europe, Middle East and Africa), growing three fold to represent 12% of the total from 4% last quarter
- Overall European leveraged loan volumes rose in Q1; the fourth consecutive quarter of volume growth
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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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