Calculating private credit volume in Europe is a bit dodgy. Even in the US, good numbers have only been available in the last couple years. We can however triangulate from other known metrics. The par amount of all leveraged loans was €15 billion in 1998, per S&P/LCD. It grew to €20 billion in 2003, €140…
Non-bank European lending AUM is almost $160 billion, including about $50 billion of dry powder.
Our fondness for colorful metaphors led us, in our 2016 series, to compare European direct lending to Burger King’s new hot dog venture. The burger giant’s thesis was to apply “sixty years of flaming-grilling expertise,“ but also recognized they’d have to “chop the onions a little differently.” Apparently, hamburger prowess didn’t translate to frankfurters. They […]
1H21 U.S. loan volume up 58% y-o-y; Second highest total on record U.S. arrangers pushed almost US$1.466trn through the retail syndication in 1H21, a 58% increase over the same period last year and the strongest half year totals since 1H18 (US$1.492trn). At US$764.10bn, 2Q21 syndicated loan volume marked a two fold jump over year ago…
For a sense of overall credit conditions, we tuned last week into the European Leveraged Finance Mid-Year Update hosted by Fitch. The discussion – covering the economy, ratings, covenants, and structures – was virtually indistinguishable from recent US market conferences. Apart from these panelists’ distinguished accents. For example, activity for leveraged loans in Europe has…
The relative yields-to-maturity of institutional term loans in the US vs. Europe have narrowed during Covid.
A snapshot of global buyout multiples PitchBook’s latest analyst note, released tomorrow, takes a close look at buyout multiples across the IT, healthcare and consumer spaces. The pandemic had material and divergent impacts on IT and consumer—the 2020 median multiple for IT rose to 20.1x, up almost five turns from 2019’s median of 15.3x. IT…
Green/ESG high yield bonds issued by US corporates trade up in secondary Source: Dealogic, Markit Green and environmental, social, and corporate governance-linked high yield bonds issued in US dollars have taken off in the first half of 2021 as more issuers opt to adhere to the Green Bond Principals in order to tap into a…