European leveraged finance issuance (leveraged loans and high yield bonds) decreased to €28.9 billion in 4Q’18, a 43.7% decrease from €51.3 billion in 3Q’18 and a 72.4% decrease from a record €104.6 billion in 4Q’17. The issuance volume for 4Q’18 was the lowest quarterly total since 4Q’15. This quarterly decrease was driven largely by decrease in high yield bonds issuance. The high yield bond share of leveraged finance market issuance decreased to 24.0% in 4Q’18, down from 34.5% in 3Q’18 and down from 37.0% in 4Q’17.

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 bonds 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.

Credits

AFME

• Director, Capital Markets: Gary Simmons
• Director, Research: Julio Suarez

SIFMA Research

• Vice President: Katie Kolchin, CFA
• Assistant Vice President: Justyna Podziemska