TLDR

• Total Q1 Issuance totalled €25.1bn (for reference, this is +52% on Q1 2020)
• Driven by large single-names (Asda 16% of total LevFin M&A Issuance, Ineos Quattro 6%, Stark 5%, Advanz Pharma 5%)
• Issuance split is equalising between bonds (42%) and loans (58%) versus prior year (bonds 20%, loans 80%)
• Equity cheques are increasing with valuations, but what about add-backs?
• What’s next? Eight more deals are expected in Q2, five in Q3, two in H2, 25 are TBC during the year

European M&A Issuance (€25.1 billion through 45 deals, excl. USD, +52% YoY)

Although M&A issuance in LevFin can be lumpy, Q1 activity in the prior three years has trended upward (23 deals in 2019 totalling €11.5bn, and 32 deals in 2020 totalling €16.2bn).