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CREDIT COMMENTARY
Jul 25, 2016
Markit European loan volume survey
After two successive periods of reduced volumes, the total figures remain lower but by a minimal amount. Total volumes dropped just 0.5%, from "12,935bn the previous quarter to "12,868bn this quarter. Year on year volume is down around 12% from the "14,807bn we saw in the second quarter of 2015.
- Leveraged loan volumes (Western Europe) constituted 68.5% of the total volume in the second quarter, down on the 73% composition of the previous quarter. This was around the same as the 66% recorded at Q2 2015. Of the 68.5% for Q2 2016, 59.4% of total was conducted on Loan Market Association (LMA) par documentation against just under 9.1% on LMA distressed documentation.
- European investment grade loan volumes represent 16.9% of the total, up on the 10% we saw last quarter but slightly lower than the 18.4% we recorded in Q2 2015.
- Emerging market figures (Eastern Europe, Middle East and Africa), have stayed pretty constant. They represent 14.5% for this quarter which is just slightly less than the 17.2% from last quarter and the 15.4% in the second quarter of 2015.
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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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