Archive for May, 2017

Q1 2017 Market Update

Marlborough Partners, the independent debt advisory firm, today published its report on the European leveraged finance market for Q1 2017.

 

The report, analysing data from a number of sources, shows European leveraged loan volumes increased by more than 140% compared to Q1-’16 (€34bn vs. €14bn) aided by too much money chasing too little opportunities in the market. The European High Yield market goes hand in hand with the European leveraged loan market reflected by volumes up c. €17bn (c. 2.3x higher compared to the same quarter last year) with low-yielding double-Bs dominating the market as well as a high number of refinancings.

In the UK, institutional spreads have come down further, following the trend initiated in Q4-’16, resulting in an average institutional spread of c. 386bps at the end of Q1-’17. This trend is driven by strong underlying market conditions and an ongoing imbalance in supply and demand.

Marlborough Partner, Markus Ehrler, said: “During the first quarter of 2017 we’ve seen significantly higher leveraged finance volumes combined with a substantial relaxation of financial covenants (more than 70% of European large market deals are done on a cov-lite basis). Furthermore, the amount of available liquidity in the market is such that some deals are now repricing within a very short time frame (some within a 3 to 6 months period).”

Aubrey Simpson-Orlebar joins Marlborough Partners as Senior Adviser

8th May 2017

Marlborough Partners, the independent debt advisory firm, today announced that Aubrey Simpson-Orlebar has joined the corporate debt advisory team led by recent hire Tim Metzgen.  Aubrey will be a senior adviser based in London, where Marlborough has its head office.

 

Aubrey brings 30 years of debt market experience, having been an Executive Committee member of Lloyds Banking Group’s capital markets team and subsequently of its corporate restructuring group.  At Lloyds, Aubrey headed the debt private placements team and founded its fixed income business ahead of managing and restructuring a major portfolio of stressed corporate real estate and trading businesses.  At BNP Paribas, he was one of the geography heads of debt and equity capital markets and then head of special situations in London and New York.  Since leaving Lloyds in 2013, Aubrey has been acting as an independent consultant.

 

Aubrey will be focussed on providing dedicated coverage for UK corporate borrowers helping Marlborough develop on its unparalleled track record in advising clients in relation to debt raising, refinancing and restructuring.  Marlborough has completed 14 engagements so far during 2017 demonstrating the breadth of Marlborough’s services, including the asset based refinancing of First Milk, the financing in support of the acquisition of Treetops by Busy Bees and the acquisition of Danwood by Apogee.

 

Commenting on the appointment of Aubrey Simpson-Orlebar, Marlborough Managing Director, Tim Metzgen, said: “We are extremely pleased that Aubrey is joining Marlborough Partners to support the growth of our dedicated corporate offering.  His significant experience and reputation in the debt markets makes him a valuable addition allowing us to broaden our product and client coverage capabilities for corporate clients”

 

Aubrey Simpson-Orlebar added: “I’ve been very impressed by Marlborough’s success and reputation as Europe’s leading independent debt advisor and I am delighted to be joining them to continue the growth of the business in the corporate market.”