European Loan Prices Up 40%
July 1, 2009
The average leveraged loan price in Europe has risen 40% so far this year, according to Standard & Poor’s Leveraged Commentary and Data.
The average price of European loans hit a nine-month high of 85.6 on June 18 and has hovered around the mid-80s since, according to S&P LCD. At the start of the year, European loans were trading around 60.
Leveraged loans in Europe, like in the U.S., have benefited from a wave of a new issuance on the high yield bond market.
Companies in Europe, the Middle East and Africa raised $232 billion in high yield debt in the second quarter of 2009, $122 billion more than in the first three months of the year, according to Bloomberg. However, this year’s total of $342 billion is still less than the $563 billion issued last year.
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