European leveraged finance issuance (leveraged loans and high yield bonds) decreased to €44.8 billion in 3Q’18, a 26.2% decrease from €60.7 billion in 2Q’18 and a 13.9% decrease from €52.0 billion in 3Q’17. The issuance volume for 3Q’18 was the lowest quarterly total since 1Q’16. This quarterly decrease was driven equally by a deacrease of leveraged loan and high yield bonds issuance.

Leveraged loan issuance, including first lien, second lien, and mezzanine financing, decreased to €27.1 billion in the third quarter of 2018, a 24.5% decrease from €35.8 billion in 2Q’18 and a 16.9% decrease from €32.6 billion in 3Q’17.

Primary high yield issuance totaled €17.7 billion on 46 deals in 3Q’18, a 28.8% decrease from €24.9 billion on 60 deals in 2Q’18 and a 8.8% decrease from €19.4 billion on 51 deals in 3Q’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

• Managing Director, Director of Research: Kyle Brandon
• Assistant Vice President: Justyna Podziemska