About the Report
Done in partnership with AFME High Yield Division, the AFME Leveraged Loan and High Yield report is a quarterly report on the trends and statistics of the European leveraged finance market, including both high yield loans and leveraged loans. Issuance volumes, credit trends, global comparative issuance data, market highlights and commentary are included.
For more information on AFME's efforts in the European leveraged finance sector, please visit AFME.
European leveraged finance issuance (leveraged loans and high yield bonds) increased in 1Q'17 to EUR 86.5 billion, a 50.5% increase from EUR 57.4 billion in 4Q'16 and almost double the EUR 43.5 billion issued in 1Q'16. This was the highest quarterly issuance since 2Q'14. The quarterly increase stems from the surge in high yield bond issuance, which increased by 136.8% in the first quarter of 2017 while leveraged loan issuance increased by 19.9%.
Leveraged loan issuance, including first lien, second lien, and mezzanine financing, increased to EUR 50.8 billion in the first quarter of 2017, up 19.9% q-o-q (EUR 42.4 billion in 4Q'16), up 54.2% y-o-y (EUR 33.0 billion in 1Q'16). This was the highest quarterly total since the financial crisis.
Primary high yield issuance in 1Q'17 totaled EUR 35.7 billion on 76 deals, a 136.8% increase from 4Q'16 (EUR 15.1 billion on 41 deals) and a 237.4% increase from 1Q'16 (EUR 10.6 billion on 22 deals).
- Director, Capital Markets: Gary Simmons
- Manager, Research: Julio Suarez
- Managing Director, Director of Research: Kyle Brandon
- Senior Associate: Justyna Podziemska