European Leveraged Finance Spotlight Series 2021: A Regional Look at Loans, Bonds, and Recoveries


David Gillmor, Sector Lead - Leverage Finance, European Corporate Ratings
Taron Wade, Director, LCD

This year, our annual Spotlight Series on Leveraged Finance focused on key developments and potential risks in seven regions: the U.K. and Ireland, Benelux, France, Germany, Italy, the Nordics, and Spain. This blog provides highlights of the webinars held throughout Q2 that discussed developments in each of the regions.

A Turnaround in the Market Overall

There has been a V-shaped recovery for the loan market when looking at the weighted average bid of European loans over the past year. As of the end of Q1 2021, both European loans and high-yield volumes had regained their footing, and CLO issuance had recovered, as well. A year ago, companies worried about what financing would be available. Now they are more concerned about what type of debt financing to raise, since the markets are open and offering cheap liquidity.

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