S&P Global was pleased to present recently its 2018 European Leveraged Finance & High Yield Conference: How Close Are We To the Top Of The Cycle?
The conference featured a presentation by LCD’s Taron Wade regarding the intense institutional investor demand that is shaping the speculative-grade debt markets. The charts backing that presentation detailed trends and developments driving today’s market, including
- European M&A activity, by specific use of proceeds
- Trends in buyouts
- Direct lending’s effect on the leveraged finance market
- Yields on leveraged loans, Europe vs U.S.
- The accelerating European CLO market
- New issuance vs investor demand, European leveraged loan market
- The increasing reliance on cross-border loan financing
- The equity component of LBO financings (above)
- … and, of course, the surge of covenant-lite loan issuance
The presentation also includes a panel discussion on risk of disruption in the credit cycle, a conversation regarding green investing, and a separate panel discussion on structural features and/or risks in today’s finance market.
Both are complimentary, courtesy S&P Global Market Intelligence and LCD.
LCD comps is an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.