Markit European loan volume survey
The total trade volumes in the European loan market have been down for two successive periods coming into the first quarter of 2016. Total volumes have dropped to "12,935bn, down 4.5% from "14,807bn the previous quarter. Year on year volume is down 20% from the "15,459bn we saw in the first quarter of 2015. Highlights include:
- Leveraged loan volumes (Western Europe) constituted 73% of the total volume in the fourth quarter, up on the 60% composition of the previous quarter. This was slightly up on the 67% recorded at Q1 2015. Of the 73% for Q1 2016 63% of total was conducted on Loan Market Association (LMA) par documentation against just under 10% of LMA distressed documentation.
- European investment grade loan volumes represent 10% of the total, a big drop from the 26% we saw last quarter and the 21% we recorded in Q1 2015
- Emerging market figures (Eastern Europe, Middle East and Africa), are up slightly in Q1 with 17% of the total volume against the previous quarter's 14% and higher than the 12% for the same period in 2015
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