SlideShare uma empresa Scribd logo
1 de 10
Baixar para ler offline
Text




European Leveraged Finance Market Update
            December, 2011
        Sucheet Gupte - Director
The Market in November
Text




       • Uneventful month, Eurozone crisis slows activity. Secondary
         markets for loans and high yield bonds fall. Risk off, as lenders
         wind down for the end of the year.

       • November was an uneventful month for primary loan market
         activity, dominated by small, club-style transactions.

       • The high-yield bond market halted, as only three bonds price
          in November.

       • Default rates stable in November though most people expect
         them to rise in the new year.
European loan flow name prices, 2011
    100


     99


     97

                                           Text
     96


     94


     93


     91
                   2/18         4/1        5/13   6/23   8/4   9/15   10/27   12/15
          1/7
.     Source: LCD - Leveraged Commentary & Data
European HY bond flow name prices, 2011

    105


    101


    97


    93
                                     Text
    89


    85


    81
         1/7                3/11   5/13     7/14   9/15   12/8
               Source: Bloomberg
.
ELLI Multi-currency loan return (monthly)
    3.5%
                                                                    November 2011: - 0.67%
                             Text                                   October 2011:   +1.73%
                                                                    YTD:           + 0.03%
    2.4%
                                                                    YTD ’10:       + 7.14%




     1.3%




     0.2%




    (0.9%)
             2/10     4/10    6/10     8/10    10/10 12/10   2/11    4/11   6/11   8/31   11/30

.
             Source: LCD - Leveraged Commentary & Data
New-issue: Loans vs. HY bonds, by month
            12

                                                                                             HY bonds
                                                                 Text
                                                                                             Loans
             9
€billions




            6




            3

                                                                                                            €0.8B

            0
                                                                                                            €1.2B
            5/10          7/10       9/10       11/10          1/11     3/11   5/11   7/11   9/11   11/11
                   Source: LCD - Leveraged Commentary & Data
 .
ELLI Default rates – European leveraged loans
                       by principle amount                                 by number of defaults

    13%                                                         16%




    9%                                                          12%




    6%                                                           8%
                                                              Text

    3%                                                           4%




    0%                                                           0%
     12/07            9/09          10/10             11/11        8/08   8/09        8/10         11/11

.         Source: LCD - Leveraged Commentary & Data
European Leveraged Loan Outstandings Maturity Profile
            As of 2007         As of 2008         As of 2009     As of 2010   As of October 2011

       51

                         Text

      34




     17




     0
      2010        2011        2012        2013          2014   2015    2016   2017     2018        2019

    Source:, S&P European Leveraged Loan Index (ELLI)
.
Looking Ahead


• Drastic changes continue in market.
• Leveraged finance issuance down only slightly year over
     year ...

• … though down wildly from the go-go era of 2007.
                             out


• Role-reversal continues: bonds issuance continues to
     dominate loans.

• All eyes on Europe
• 2012? Volatility is the word, with challenges and
     opportunities.
Text
          Copyright 2011 Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any
                      Text
part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a
database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or
unauthorized purposes. S&P, its affiliates, and any third party providers, as well as their directors, officers, shareholders, employees
or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P
Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the
Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P
PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS,
SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE
CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be
liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with
any use of the Content even if advised of the possibility of such damages.

Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are
expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment
decisions. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not
be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or
clients when making investment and other business decisions. S&P’s opinions and analyses do not address the suitability of any
security. S&P does not act as a fiduciary or an investment advisor. While S&P has obtained information from sources it believes to
be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any
information it receives.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity
of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P
business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information
received in connection with each analytical process.

S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of
                                                           pause
securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are
made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and
www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third
party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Mais conteúdo relacionado

Mais procurados

European Leveraged Finance Market Analysis - November 2011
European Leveraged Finance Market Analysis - November 2011European Leveraged Finance Market Analysis - November 2011
European Leveraged Finance Market Analysis - November 2011Leveraged Commentary & Data
 
March 2012, European leveraged loan market analysis
March 2012, European leveraged loan market analysisMarch 2012, European leveraged loan market analysis
March 2012, European leveraged loan market analysisLeveraged Commentary & Data
 
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)Leveraged Commentary & Data
 
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)Leveraged Commentary & Data
 
European Leveraged Loan Market Update - May 2011
European Leveraged Loan Market Update - May 2011European Leveraged Loan Market Update - May 2011
European Leveraged Loan Market Update - May 2011Leveraged Commentary & Data
 
European Leveraged Loan Market Update - June 2011
European Leveraged Loan Market Update - June 2011European Leveraged Loan Market Update - June 2011
European Leveraged Loan Market Update - June 2011Leveraged Commentary & Data
 
European Leveraged Loan/HY Bond Market Analysis - October 2010
European Leveraged Loan/HY Bond Market Analysis - October 2010European Leveraged Loan/HY Bond Market Analysis - October 2010
European Leveraged Loan/HY Bond Market Analysis - October 2010Leveraged Commentary & Data
 
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...Arthur Karabatsos
 
European Leveraged Finance Market Update - March 2011
European Leveraged Finance Market Update - March 2011European Leveraged Finance Market Update - March 2011
European Leveraged Finance Market Update - March 2011Leveraged Commentary & Data
 
Presentatie1
Presentatie1Presentatie1
Presentatie1woutlamb
 
European Leveraged Loan Market Analysis - Year-end 2010
European Leveraged Loan Market Analysis - Year-end 2010European Leveraged Loan Market Analysis - Year-end 2010
European Leveraged Loan Market Analysis - Year-end 2010Leveraged Commentary & Data
 
Pair trade telia sonera vs. tele2
Pair trade   telia sonera vs. tele2Pair trade   telia sonera vs. tele2
Pair trade telia sonera vs. tele2Fincor Corretora
 
Deutsche EuroShop: Trends in Financing
Deutsche EuroShop: Trends in FinancingDeutsche EuroShop: Trends in Financing
Deutsche EuroShop: Trends in FinancingDeutsche EuroShop AG
 
LCD's European leveraged loan/high-yield bond market analysis - August 2010
LCD's European leveraged loan/high-yield bond market analysis - August 2010LCD's European leveraged loan/high-yield bond market analysis - August 2010
LCD's European leveraged loan/high-yield bond market analysis - August 2010Leveraged Commentary & Data
 
Forex Portfolio for February 2011
Forex Portfolio for February 2011Forex Portfolio for February 2011
Forex Portfolio for February 2011Trading Floor
 
Quarterly report on deposits september 2011 b
Quarterly report on deposits september 2011 bQuarterly report on deposits september 2011 b
Quarterly report on deposits september 2011 bRBAPAT54
 

Mais procurados (20)

European Leveraged Finance Market Analysis - November 2011
European Leveraged Finance Market Analysis - November 2011European Leveraged Finance Market Analysis - November 2011
European Leveraged Finance Market Analysis - November 2011
 
March 2012, European leveraged loan market analysis
March 2012, European leveraged loan market analysisMarch 2012, European leveraged loan market analysis
March 2012, European leveraged loan market analysis
 
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - October 2011)
 
European loan/HY bond analysis - Sept. 2010
European loan/HY bond analysis - Sept. 2010European loan/HY bond analysis - Sept. 2010
European loan/HY bond analysis - Sept. 2010
 
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - July 2011)
 
European Leveraged Loan Market Update - May 2011
European Leveraged Loan Market Update - May 2011European Leveraged Loan Market Update - May 2011
European Leveraged Loan Market Update - May 2011
 
European Leveraged Loan Market Update - June 2011
European Leveraged Loan Market Update - June 2011European Leveraged Loan Market Update - June 2011
European Leveraged Loan Market Update - June 2011
 
European Leveraged Loan/HY Bond Market Analysis - October 2010
European Leveraged Loan/HY Bond Market Analysis - October 2010European Leveraged Loan/HY Bond Market Analysis - October 2010
European Leveraged Loan/HY Bond Market Analysis - October 2010
 
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...
A Primer - Comparing Japanese, Australian, Dutch and UK RMBS and Mortgage Mar...
 
European Leveraged Finance Market Update - March 2011
European Leveraged Finance Market Update - March 2011European Leveraged Finance Market Update - March 2011
European Leveraged Finance Market Update - March 2011
 
Presentatie1
Presentatie1Presentatie1
Presentatie1
 
European Leveraged Loan Market Analysis - Year-end 2010
European Leveraged Loan Market Analysis - Year-end 2010European Leveraged Loan Market Analysis - Year-end 2010
European Leveraged Loan Market Analysis - Year-end 2010
 
Pair trade telia sonera vs. tele2
Pair trade   telia sonera vs. tele2Pair trade   telia sonera vs. tele2
Pair trade telia sonera vs. tele2
 
Deutsche EuroShop: Trends in Financing
Deutsche EuroShop: Trends in FinancingDeutsche EuroShop: Trends in Financing
Deutsche EuroShop: Trends in Financing
 
LCD's European leveraged loan/high-yield bond market analysis - August 2010
LCD's European leveraged loan/high-yield bond market analysis - August 2010LCD's European leveraged loan/high-yield bond market analysis - August 2010
LCD's European leveraged loan/high-yield bond market analysis - August 2010
 
Enron Debacle
Enron DebacleEnron Debacle
Enron Debacle
 
Forex Portfolio for February 2011
Forex Portfolio for February 2011Forex Portfolio for February 2011
Forex Portfolio for February 2011
 
The swedish property market part 1
The swedish property market part 1The swedish property market part 1
The swedish property market part 1
 
Spend time in the simulator
Spend time in the simulatorSpend time in the simulator
Spend time in the simulator
 
Quarterly report on deposits september 2011 b
Quarterly report on deposits september 2011 bQuarterly report on deposits september 2011 b
Quarterly report on deposits september 2011 b
 

Semelhante a Leveraged loan market analysis (Europe) - December 2011

January 2012, European leveraged loan market analysis
January 2012, European leveraged loan market analysisJanuary 2012, European leveraged loan market analysis
January 2012, European leveraged loan market analysisLeveraged Commentary & Data
 
June 2012, European Leveraged Loan Market Analysis
June 2012, European Leveraged Loan Market AnalysisJune 2012, European Leveraged Loan Market Analysis
June 2012, European Leveraged Loan Market AnalysisLeveraged Commentary & Data
 
July 2012, European Leveraged Loan Market Analysis
July 2012, European Leveraged Loan Market AnalysisJuly 2012, European Leveraged Loan Market Analysis
July 2012, European Leveraged Loan Market AnalysisLeveraged Commentary & Data
 
European Leveraged Finance Market Analysis - February 2011
European Leveraged Finance Market Analysis - February 2011European Leveraged Finance Market Analysis - February 2011
European Leveraged Finance Market Analysis - February 2011Leveraged Commentary & Data
 
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)Leveraged Commentary & Data
 
US Leveraged Finance Market Analysis - February 2011
US Leveraged Finance Market Analysis - February 2011US Leveraged Finance Market Analysis - February 2011
US Leveraged Finance Market Analysis - February 2011Leveraged Commentary & Data
 
European Leveraged Loan/HY Bond Market Analysis - December 2010
European Leveraged Loan/HY Bond Market Analysis - December 2010European Leveraged Loan/HY Bond Market Analysis - December 2010
European Leveraged Loan/HY Bond Market Analysis - December 2010Leveraged Commentary & Data
 
Leveraged loan volume, analysis - July 2011 (US Market)
Leveraged loan volume, analysis - July 2011 (US Market)Leveraged loan volume, analysis - July 2011 (US Market)
Leveraged loan volume, analysis - July 2011 (US Market)Leveraged Commentary & Data
 
FirstBank Nigeria Group Result 2010
FirstBank Nigeria Group Result 2010FirstBank Nigeria Group Result 2010
FirstBank Nigeria Group Result 2010FirstBank, Nigeria
 
First bank of nigeria group result 2010
First bank of nigeria group result 2010First bank of nigeria group result 2010
First bank of nigeria group result 2010FirstBank, Nigeria
 
US Leveraged Loan Market Analysis - November 2010
US Leveraged Loan Market Analysis - November 2010US Leveraged Loan Market Analysis - November 2010
US Leveraged Loan Market Analysis - November 2010Leveraged Commentary & Data
 
April 2013, US Leveraged Loan Market Analysis
April 2013, US Leveraged Loan Market AnalysisApril 2013, US Leveraged Loan Market Analysis
April 2013, US Leveraged Loan Market AnalysisSteve Richardson
 
US Leveraged Loan Market Analysis - Year-end 2010
US Leveraged Loan Market Analysis - Year-end 2010US Leveraged Loan Market Analysis - Year-end 2010
US Leveraged Loan Market Analysis - Year-end 2010Leveraged Commentary & Data
 

Semelhante a Leveraged loan market analysis (Europe) - December 2011 (20)

January 2012, European leveraged loan market analysis
January 2012, European leveraged loan market analysisJanuary 2012, European leveraged loan market analysis
January 2012, European leveraged loan market analysis
 
June 2012, European Leveraged Loan Market Analysis
June 2012, European Leveraged Loan Market AnalysisJune 2012, European Leveraged Loan Market Analysis
June 2012, European Leveraged Loan Market Analysis
 
July 2012, European Leveraged Loan Market Analysis
July 2012, European Leveraged Loan Market AnalysisJuly 2012, European Leveraged Loan Market Analysis
July 2012, European Leveraged Loan Market Analysis
 
European Leveraged Finance Market Analysis - February 2011
European Leveraged Finance Market Analysis - February 2011European Leveraged Finance Market Analysis - February 2011
European Leveraged Finance Market Analysis - February 2011
 
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)
Leveraged Loans: Volume, Trends, Analysis (Europe - September 2011)
 
US Leveraged Finance Market Analysis - February 2011
US Leveraged Finance Market Analysis - February 2011US Leveraged Finance Market Analysis - February 2011
US Leveraged Finance Market Analysis - February 2011
 
European Leveraged Loan/HY Bond Market Analysis - December 2010
European Leveraged Loan/HY Bond Market Analysis - December 2010European Leveraged Loan/HY Bond Market Analysis - December 2010
European Leveraged Loan/HY Bond Market Analysis - December 2010
 
US Leveraged Finance Market Update - March 2011
US Leveraged Finance Market Update - March 2011US Leveraged Finance Market Update - March 2011
US Leveraged Finance Market Update - March 2011
 
Leveraged loan volume, analysis - July 2011 (US Market)
Leveraged loan volume, analysis - July 2011 (US Market)Leveraged loan volume, analysis - July 2011 (US Market)
Leveraged loan volume, analysis - July 2011 (US Market)
 
FirstBank Nigeria Group Result 2010
FirstBank Nigeria Group Result 2010FirstBank Nigeria Group Result 2010
FirstBank Nigeria Group Result 2010
 
First bank of nigeria group result 2010
First bank of nigeria group result 2010First bank of nigeria group result 2010
First bank of nigeria group result 2010
 
US Leveraged Loan Market Analysis - November 2010
US Leveraged Loan Market Analysis - November 2010US Leveraged Loan Market Analysis - November 2010
US Leveraged Loan Market Analysis - November 2010
 
US Leveraged Loan Market Update - June 2011
US Leveraged Loan Market Update - June 2011US Leveraged Loan Market Update - June 2011
US Leveraged Loan Market Update - June 2011
 
US Leveraged Loan Market Update - May 2011
US Leveraged Loan Market Update - May 2011US Leveraged Loan Market Update - May 2011
US Leveraged Loan Market Update - May 2011
 
April 2013, US Leveraged Loan Market Analysis
April 2013, US Leveraged Loan Market AnalysisApril 2013, US Leveraged Loan Market Analysis
April 2013, US Leveraged Loan Market Analysis
 
1st Quarter leveraged loan market analysis - US
1st Quarter leveraged loan market analysis - US1st Quarter leveraged loan market analysis - US
1st Quarter leveraged loan market analysis - US
 
US Leveraged Loan Market Analysis - Year-end 2010
US Leveraged Loan Market Analysis - Year-end 2010US Leveraged Loan Market Analysis - Year-end 2010
US Leveraged Loan Market Analysis - Year-end 2010
 
May 2012, US Leveraged loan market analysis
May 2012, US Leveraged loan market analysis May 2012, US Leveraged loan market analysis
May 2012, US Leveraged loan market analysis
 
20.11.2013 Golomt Bank, Munkhbat Davaatseren
20.11.2013 Golomt Bank, Munkhbat Davaatseren20.11.2013 Golomt Bank, Munkhbat Davaatseren
20.11.2013 Golomt Bank, Munkhbat Davaatseren
 
US Leveraged Loan/HY Bond Analysis - Oct. 2010
US Leveraged Loan/HY Bond Analysis - Oct. 2010US Leveraged Loan/HY Bond Analysis - Oct. 2010
US Leveraged Loan/HY Bond Analysis - Oct. 2010
 

Mais de Leveraged Commentary & Data

Leveraged Loan Recoveries - Middle Market Bests Large-Cap Deals
Leveraged Loan Recoveries - Middle Market Bests Large-Cap DealsLeveraged Loan Recoveries - Middle Market Bests Large-Cap Deals
Leveraged Loan Recoveries - Middle Market Bests Large-Cap DealsLeveraged Commentary & Data
 
July 2013, European Leveraged Loan Market Analysis
July 2013, European Leveraged Loan Market Analysis July 2013, European Leveraged Loan Market Analysis
July 2013, European Leveraged Loan Market Analysis Leveraged Commentary & Data
 
June 2013, European Leveraged Loan Market Analysis
June 2013, European Leveraged Loan Market Analysis June 2013, European Leveraged Loan Market Analysis
June 2013, European Leveraged Loan Market Analysis Leveraged Commentary & Data
 
December 2012, US Leveraged Loan Market Analysis
December 2012, US Leveraged Loan Market Analysis December 2012, US Leveraged Loan Market Analysis
December 2012, US Leveraged Loan Market Analysis Leveraged Commentary & Data
 
February 2012, US Leveraged Loan Market Analysis
February 2012, US Leveraged Loan Market AnalysisFebruary 2012, US Leveraged Loan Market Analysis
February 2012, US Leveraged Loan Market AnalysisLeveraged Commentary & Data
 
Leveraged loan market analysis (US) - December 2011
Leveraged loan market analysis (US) - December 2011Leveraged loan market analysis (US) - December 2011
Leveraged loan market analysis (US) - December 2011Leveraged Commentary & Data
 
Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged Commentary & Data
 
Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged Commentary & Data
 
Leveraged loan market analysis (US) September 2011
Leveraged loan market analysis (US) September 2011Leveraged loan market analysis (US) September 2011
Leveraged loan market analysis (US) September 2011Leveraged Commentary & Data
 

Mais de Leveraged Commentary & Data (14)

Leveraged Loan Recoveries - Middle Market Bests Large-Cap Deals
Leveraged Loan Recoveries - Middle Market Bests Large-Cap DealsLeveraged Loan Recoveries - Middle Market Bests Large-Cap Deals
Leveraged Loan Recoveries - Middle Market Bests Large-Cap Deals
 
July 2013, European Leveraged Loan Market Analysis
July 2013, European Leveraged Loan Market Analysis July 2013, European Leveraged Loan Market Analysis
July 2013, European Leveraged Loan Market Analysis
 
June 2013, European Leveraged Loan Market Analysis
June 2013, European Leveraged Loan Market Analysis June 2013, European Leveraged Loan Market Analysis
June 2013, European Leveraged Loan Market Analysis
 
Eur sld shr_may_2013_v3
Eur sld shr_may_2013_v3Eur sld shr_may_2013_v3
Eur sld shr_may_2013_v3
 
US Leveraged Loan Market Analysis - May 2013
US Leveraged Loan Market Analysis - May 2013US Leveraged Loan Market Analysis - May 2013
US Leveraged Loan Market Analysis - May 2013
 
December 2012, US Leveraged Loan Market Analysis
December 2012, US Leveraged Loan Market Analysis December 2012, US Leveraged Loan Market Analysis
December 2012, US Leveraged Loan Market Analysis
 
March 2012, US Leveraged Loan Market Analysis
March 2012, US Leveraged Loan Market AnalysisMarch 2012, US Leveraged Loan Market Analysis
March 2012, US Leveraged Loan Market Analysis
 
February 2012, US Leveraged Loan Market Analysis
February 2012, US Leveraged Loan Market AnalysisFebruary 2012, US Leveraged Loan Market Analysis
February 2012, US Leveraged Loan Market Analysis
 
US Leveraged Loan Market Analysis, January 2012
US Leveraged Loan Market Analysis, January 2012US Leveraged Loan Market Analysis, January 2012
US Leveraged Loan Market Analysis, January 2012
 
Leveraged loan market analysis (US) - December 2011
Leveraged loan market analysis (US) - December 2011Leveraged loan market analysis (US) - December 2011
Leveraged loan market analysis (US) - December 2011
 
Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011
 
Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011Leveraged loan market analysis (US) - October 2011
Leveraged loan market analysis (US) - October 2011
 
Leveraged Loan Market Guide
Leveraged Loan Market GuideLeveraged Loan Market Guide
Leveraged Loan Market Guide
 
Leveraged loan market analysis (US) September 2011
Leveraged loan market analysis (US) September 2011Leveraged loan market analysis (US) September 2011
Leveraged loan market analysis (US) September 2011
 

Último

What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI360factors
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.KumarJayaraman3
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfMichael Silva
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 

Último (20)

What Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AIWhat Key Factors Should Risk Officers Consider When Using Generative AI
What Key Factors Should Risk Officers Consider When Using Generative AI
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
ACCOUNTING FOR BUSINESS.II DEPARTMENTAL ACCOUNTS.
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
Stock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdfStock Market Brief Deck for March 19 2024.pdf
Stock Market Brief Deck for March 19 2024.pdf
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 

Leveraged loan market analysis (Europe) - December 2011

  • 1. Text European Leveraged Finance Market Update December, 2011 Sucheet Gupte - Director
  • 2. The Market in November Text • Uneventful month, Eurozone crisis slows activity. Secondary markets for loans and high yield bonds fall. Risk off, as lenders wind down for the end of the year. • November was an uneventful month for primary loan market activity, dominated by small, club-style transactions. • The high-yield bond market halted, as only three bonds price in November. • Default rates stable in November though most people expect them to rise in the new year.
  • 3. European loan flow name prices, 2011 100 99 97 Text 96 94 93 91 2/18 4/1 5/13 6/23 8/4 9/15 10/27 12/15 1/7 . Source: LCD - Leveraged Commentary & Data
  • 4. European HY bond flow name prices, 2011 105 101 97 93 Text 89 85 81 1/7 3/11 5/13 7/14 9/15 12/8 Source: Bloomberg .
  • 5. ELLI Multi-currency loan return (monthly) 3.5% November 2011: - 0.67% Text October 2011: +1.73% YTD: + 0.03% 2.4% YTD ’10: + 7.14% 1.3% 0.2% (0.9%) 2/10 4/10 6/10 8/10 10/10 12/10 2/11 4/11 6/11 8/31 11/30 . Source: LCD - Leveraged Commentary & Data
  • 6. New-issue: Loans vs. HY bonds, by month 12 HY bonds Text Loans 9 €billions 6 3 €0.8B 0 €1.2B 5/10 7/10 9/10 11/10 1/11 3/11 5/11 7/11 9/11 11/11 Source: LCD - Leveraged Commentary & Data .
  • 7. ELLI Default rates – European leveraged loans by principle amount by number of defaults 13% 16% 9% 12% 6% 8% Text 3% 4% 0% 0% 12/07 9/09 10/10 11/11 8/08 8/09 8/10 11/11 . Source: LCD - Leveraged Commentary & Data
  • 8. European Leveraged Loan Outstandings Maturity Profile As of 2007 As of 2008 As of 2009 As of 2010 As of October 2011 51 Text 34 17 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source:, S&P European Leveraged Loan Index (ELLI) .
  • 9. Looking Ahead • Drastic changes continue in market. • Leveraged finance issuance down only slightly year over year ... • … though down wildly from the go-go era of 2007. out • Role-reversal continues: bonds issuance continues to dominate loans. • All eyes on Europe • 2012? Volatility is the word, with challenges and opportunities.
  • 10. Text Copyright 2011 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any Text part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. S&P, its affiliates, and any third party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P’s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of pause securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.