Marlborough Partners, the independent debt advisory firm, today published its report on the European leveraged finance market for Q3’18.
The report, analysing data from a number of sources, shows UK leveraged loan volumes were €1.6bn in Q3’18; a 66% decline from the same period last year as issuance levels dropped from Q1 and Q2’18. The decrease in volumes for the quarter was primarily driven by several large landmark deals closing in the first half of 2018, with YTD volumes remaining strong at €20.9bn; 48% higher than the same period in 2017. 83% of total loan deal activity in Q3’18 was driven by M&A, continuing the trend of record levels since Q3’11.
A similar dynamic was seen in the DACH region, with the number of deals declining to 17 in Q3’18 from 30 in Q2’18, although YTD Q3’18 issuance was significantly above year-on-year with 74 deals vs. 57 deals. Debt funds were the dominant provider of financing for the DACH market in the quarter, with a share of 47% YTD Q3’18 (compared to 30% for full-year 2017).
The Q3 2018 Report also looks at the leveraged lending landscape in Spain’s middle market. Pedro Manen de Sola-Morales, Managing Director, said: “Private Equity activity in the Spanish mid-market has increased significantly in recent years, however the market has a number of important local nuances which need to be navigated when financing deals”.
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About Marlborough Partners
Marlborough Partners, based in London, Frankfurt and Madrid, provides specialist, independent advice to private equity firms, portfolio companies and corporates, on sourcing and structuring debt and other non-equity finance. Since 2003, the Marlborough team has advised on 248 completed transactions – from the simple to the highly complex – comprising €60bn of primary market debt issuance, waivers and amendments and loan restructurings in eleven European jurisdictions. For further information, visit www.marlboroughpartners.com