Leveraged loan issuance picked up in June, posting its busiest month of the year, on the back of increased volume across both new money and refinancing transactions. The EUR 23.7bn of leveraged loan issuance in June brought 2Q19 volume to EUR 50bn, easily topping the EUR 35bn recorded in 1Q19.

In the institutional loan market, the jump in 2Q19 activity was even more pronounced, climbing to EUR 28.4bn in 2Q19 from EUR 16.5bn in 1Q19. Looking at new money deals, which are a better gauge of market growth and the majority of which is comprised of M&A related transactions, institutional volume climbed to EUR 17.1bn in 2Q19 from EUR 13.5bn in 1Q19. In turn, the size of the institutional loan market set a new record level in June, topping EUR 160bn.

The high yield bond market took a breather in June, with issuance slipping to EUR 5.3bn, down from the EUR 10bn area in both of the prior months. Despite the drop in June, the month capped off a busy quarter overall, with EUR 25.5bn of issuance, up from EUR 10.9bn in 1Q19. The slow first quarter resulted in 1H19 issuance of EUR 36.4bn, lagging the year ago period when volume amounted to EUR 43.3. 

-Colm (CJ) Doherty colm.doherty@acuris.com For access to our comprehensive news, analysis and data on the global loan and bond markets, please subscribe to Debtwire Par.

Colm (C.J.) Doherty Global Head of Primary Market Analysis Debtwire

Colm Doherty is Debtwire’s Global Head of Primary Market Analysis. He is responsible for leading the production of primary market analysis and reports focused on the leveraged loan and high yield bond markets. Prior to joining Debtwire, Colm was Director of Analysis at Thomson Reuters LPC covering leveraged loans, CLOs and high yield bonds.

Colm has a B.A. in Economics & Legal Science from National University of Ireland Galway and an MSc. in Accounting & Finance from Ulster University.