Daily Archives: August 2, 2014

European First-Lien Recovery Rates Remain Strong As Issuance Volumes Near 2006 Level

Issuance volumes in the European leveraged finance market have made an impressive recovery from the global financial crisis, reaching €124 billion in 2013, compared with €133 billion in 2006. The speculative-grade European nonfinancial corporate default rate has also declined significantly, to 5.9% at year-end 2013 from 7.2% at year-end 2012 (for further details see “A Changing Market Composition Points To A Lower Corporate Default Rate On The Horizon In Europe,” published March 10, 2014, on RatingsDirect), and recovery levels for senior secured debt remain strong.

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