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CREDIT COMMENTARY
Jan 30, 2017
Markit European loan volume survey
The loan market finished the year in the same fashion as the previous quarters with another drop in total volumes. This is the fifth consecutive drop with figures now resembling those back in 2005. Total volumes were down around 5% from "12,202m in the previous quarter to "11,665m. The year on year figures are down by 21% from the "14,807m recorded in the last quarter of 2015.
- Leveraged loan volumes (Western Europe) constituted 70.7% of the volumes, which was slightly up on the 65% recorded in the previous quarter and 60% in Q4 2015. Of the 70.7% this quarter 56.7% was conducted on LMA par documentation compared against 14% on LMA distressed documentation.
- European investment grade loan volumes represented 14.7% of the total, down on the 17% we saw last quarter and way down on the 26.3% we recorded in Q4 2015.
- Emerging market figures (Eastern Europe, Middle East and Africa), have been more stable this quarter. They represented 14.6% this quarter which was up slightly from the 12.2% we saw last quarter but almost identical to the 14.1% we saw at this time in 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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