Webcast on High Yield and Leveraged Finance: Drivers and Credit Dynamics of the European Markets Wednesday 18th March 2015 at 11:00 EDT

High Yield and Leveraged Finance: Drivers and Credit Dynamics of the European Markets
Fitch Ratings is holding a webcast on the current supply, demand and credit dynamics of the European high yield (HY) and leveraged finance markets on 18 March at 15:00 GMT / 11:00 EDT.



EUR23bn of HY bonds and EUR10bn of leveraged loans have been issued by non-financial corporates in the first two months of 2015 with both bond and loan markets open to a broad range of issuers. Fitch anticipates issuance of EUR75bn to EUR90bn in European HY, EUR 75bn in Leveraged Loans with CL0 2.0 issuance to reach EUR15bn or more in 2015. European QE is expected to further exacerbate the excess demand chasing scarce assets resulting in increasingly more aggressively structured deals which may reveal fragilities reminiscent of 2007.

Fitch rates or monitors 480 HY and leveraged finance issuers in Europe and rates 44 European CLO 2.0.

The webcast will be chaired by Anjali Sharma, EMEA Head of Business and Relationship Management for Fitch’s Corporate group, who will be joined by Ed Eyerman, EMEA Head of Leveraged Finance, Matthias Neugebauer, EMEA Head of Structured Credit and Michael Larsson, Director in Fitch’s Credit Market Research team.

Key discussion points will include: 

– How is the market today? What are the key drivers and differentiators compared to prior years?

– The CLO capital pool : growth drivers, supply and credit constraints

– Future source of deals: M&A, asset disposals, secondary buyouts, dividend recap

– Credit trends : leverage, covenants, documentation

– Loans versus bonds – are the credit risks different?

– The return of 2007-style deals? Is the market close to the edge? What could push it over?

Related research: 

Imbalances to Test European High Yield in 2015, 10 February 2015

Global CLO Market Trends Quarterly, 6 February 2015

European Leveraged Loan Chart Book, 17 December 2014

European High-Yield Insight, 18 November 2014

This will be followed by a question and answer session. Questions can also be emailed in advance to: anjali.sharma@fitchratings.com 

Webcast details:

Date: 18 March 2015

Time: 15:00 GMT / 11:00 EDT



All participants must register for the webcast using the above URL.

A replay of the webcast will also be available at: www.fitchratings.com, under Fitch Events > Past Events.


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