European issuers love the syndicated loan market - and the impressive $372 billion in leveraged loan paper underwritten in 2006, according to Thomson Financial, is clear proof of that.
Over the course of last year, the leveraged loan space in Europe increasingly became the first-choice financing venue for scores of European issuers, and high liquidity levels, robust M&A/LBO activity and an increasingly greater acceptance of this asset class by a range of different borrowers has fueled issuance to record levels.
"The leveraged market in Europe is thriving off the strength of M&A activity and the continued influx of institutional money into the leveraged loan space, so we not only have more funds than before, but many of them are willing to do things they have never done before, like take on distressed paper or invest in more exotic, crossover kind of structures, as well as non-LBO kinds of deals," …
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