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#Levfin insights full
Refinancing dominates, but M&A volumes set blistering paceįor full access to the Global LevFin Highlights and access to Cortex, click hereĬontact us for the underlying data, or learn more about the powerful Dealogic platform.LevFin hitting the breaks as year-end looms.Global Overview: Dash for cash – Leveraged issuance breaks all records, signs of easing up.Yields then started pacing upward, climbing to 4.3% and 4.7% in the third and fourth quarter, respectively. In Europe, the weighted average HY bond yield slumped from 4.7% in 4Q20 to 3.9% in 1Q-2Q21. However, yields then recovered back to 5% in 4Q21. In the US HY bond market, the weighted average yield tracked down to 5.2% in 1Q21 from 5.5% in 4Q20, and continued slowing to 5% and 4.8% in subsequent quarters. Average European yields then started to converge with the US market, rising to 4.1% in 3Q21 before timing out at 4.3% in 4Q21, with an average margin of 398bps.
The widening in the European institutional loan market lagged slightly behind, with the weighted average yield continuing to stumble from 3.9% in 1Q21 to 3.8% in 2Q21, as investor demand temporarily outstripped supply. The upward trend subsequently came to a halt, as the average yield slipped back marginally to 4.4% in 3Q-4Q21. However, margins then started to widen, with the yield climbing to 4.5% in 2Q21. In the US institutional loan market, the weighted average yield reached its lowest point of 4.1% in 1Q21, with an average margin of 347 basis points (bps). Yields gradually narrowed across the leveraged universe from pandemic-induced spikes in the 6-7% area to a range of 4.4-5.5% by end-2020, and these continued tightening in 1Q21.
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