European leveraged loans Q1 24 — A blooming market


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European leveraged loans Q1 24 — A blooming market

Josh Latham's avatar
Karis Hustad's avatar
  1. Josh Latham
  2. +Karis Hustad
2 min read


  • Q1 2024 represented a strong start to the year, with €44.9bn of euro TLBs issued, 7% higher than Q1 2021
  • Repricings were the main attraction: €19bn printed, accounting for 41% of issuance in Q1, with potentially more to come
  • Margin compression fuelled the repricing wave, with the average single-B margin marking a decrease from 465bps over Euribor in 2023 to 418bps in Q1 24
  • The broadly syndicated market fought back against the private credit boom as issuers sought cheaper pricing, but there’s less certainty to what extent it will last
  • The post-pandemic boom encouraged consumer discretionary credits to return to market, with the industry printing just below €10bn
  • Altice’s stand-off with creditors was a sour note to end the quarter after a strong start, but contagion is so far contained
  • LBOs continue to lag, but change — and a fuller M&A pipeline — is expected

In this tighter market environment, European leveraged loan borrowers wasted no time making their presence felt, with one of the busiest first quarters in recent history.

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