Markit European loan volume survey
The total trade volumes in the European loan market have pulled back slightly in the second quarter of 2015. Total volumes have dropped to €14.692bn, down 5.22% from the previous quarter. However, year on year volume is up 11.21% when compared to overall volume at €13.211bn for the second quarter of 2014. Highlights include:
- Leveraged loan volumes (Western Europe) constituted only 65% of the total volume in the second quarter, similar to the 67% composition of the previous quarter. In Q2 2014 leveraged trades made up 69% of total trade volumes tracked. 51% of total volumes was conducted on Loan Market Association (LMA) par documentation, with 15% on LMA distressed documentation
- European investment grade loan volumes represent 18.4% of the total, marginally down from last quarter's share of 21%
- Emerging market (Eastern Europe, Middle East and Africa) figures continued their upward trajectory in Q2, rising to 15.5% of the total volume from the previous quarter's mark of 12%
- A cyclical trend has formed, which shows volume dipping from Q1 to Q2 every year since 2012
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