European Leveraged Insights

An Acuris Company

April 2021

European Leveraged InsightsAn overview of the leveraged loan & high-yield bond markets

Ben WatsonSenior Market Analyst, Debtwire Par+44 20 3741 [email protected]

Manohar VasnaniSenior Analyst, Debtwire Parmanohar.vasnani@ iongroup.com

Shivraj ShettySenior Analyst, Debtwire Parshivraj.shetty@ iongroup.com

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European Leveraged Insights – April 2021

Commentary:

Key market trends in the leveraged loan & high yield bond markets 4-6

Leveraged Loans:

Scorecards 7-8

Issuance overview 9-25

Pricing 26-36

Industry stats 37-39

Country stats 40-42

Credit Statistics 43-45

Deals coming to market/Deals in market 46-48

Secondary market snapshot 49-57

CLO market focus 58-64

Continued next slide…

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High yield bonds:

Scorecards 65-66

Issuance overview 67-75

Pricing 76-79

Industry stats 80-81

Country stats 82-83

Secondary market high yield bond snapshot 84-90

…..Continued from prior slide

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4Continued next page…


Market Commentary:

Leveraged loan issuance in 2021 picks up on the back of a surge in refinancing activity

Refinancing activity in the leveraged loan market stands at a hefty EUR 55.3bn year-to-date, up 77% on last year’s EUR 31.2bn

over the same period and far surpassing the EUR 14.4bn raised two years ago. There was also a significant rise in institutional loan

activity to EUR 68bn, up 44% versus the same period last year.

Despite the jump in refinancing activity, overall issuance increased by just 5% year-to-date from last year – reaching EUR 97.2bn.

Activity has been weighed down by a decline in new money deals in the market, with capital raised for the likes of M&A and

dividend recaps falling 23% year-to-date to EUR 41bn.

With lockdowns beginning to relax across Europe, robust lender appetite has prompted a swell of refinancing due to the tightening

effect on pricing and borrowers desire to push out maturities. As a result, the weighted institutional loan yield has reached one of

the lowest points on record in 2Q21 at 3.67%, beaten only by 4Q17 at 3.33% and 4Q19/1Q20 at 3.56%/3.58%.

Smaller OIDs in particular have pushed yields lower – with over 95% of deals having priced at 99.5 or above in comparison to 61%

in 2020 and 80% in 2019.

In comparison, while still significantly lower than at this time last year, margins have ticked slightly higher in April from the recent

lows in 1Q21. Margins on both single B and double B deals have increased, with the former up to E+405bps in 2Q21 from E+

381bps in 1Q21 and the latter to E+ 289bps from E+ 273bps.

Despite the margins in each ratings category increasing, there was an overall decrease in the institutional weighted average

margins – to E+ 366bps in April. This was due to a significantly higher proportion of double B issuance versus the first quarter, with

double B deals accounting for almost 40% of issuance in April, versus under 10% in 1Q21.

The latest trend of double B issuers tapping the market in increasing numbers represents a shift away from the single B issuers that

have dominated so far in 2021. Over 82% of deals priced year-to-date have been single B rated, including 57% rated B2, a higher

share of institutional single B issuance when compared to 78% in 2020 and 75% in 2019, and also the highest B2 issuance in recent

years.

Along with the recent widening in margins, the wave of reverse flexes seen in Q1 has abated in the second quarter, with only three

deals flexing margins downwards in April, versus an average of 11 in each of the first three months of the year.

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In the secondary market, the share of deals trading in the par plus area has held steady at around 13% over the past month after

reaching highs of over 40% in January and February.

At the sector level, retail lead the pack in terms of secondary market gains, with the weighted average price climbing to 95.07 in

April from 92.37 in the prior month.

Sonia’s entrance causes little stir in a busy market

Without much fanfare, the first widely-syndicated term loan B priced with a margin over Sonia on the first day of April – the exact

cut-off date for new sterling-denominated deals maturing after 2021. French pharmaceutical firm Ethypharm secured a GBP

245m TLB at 99 with a Sonia+ 450bps margin to refinance an existing TLB and PIK loan. The deal also included a EUR 270m TLB

priced at 99.5 with a E+ 350bps margin, which turned out to be the lowest margin for a euro-denominated single B rated issue in

April.

Later in the month, UK veterinary practice group IVC Evidensia followed suit, pricing a GBP 821m TLB at 99.5 also with a Sonia+

450bps margin. A EUR 864m TLB rounded out the facility, pricing at par with a E+ 375bps margin.

High yield bond activity posts strong gains over last year’s total

In April last year, not a single high yield bond priced following the spread of lockdowns across Europe. This has helped bond

issuance by European borrowers this year to reach growth figures of 147% (EUR 61.2bn) versus the same period in 2020 and

includes a 200% increase in new money activity.

The trend is stronger still when looking at only European currency-denominated bonds, with the 2021 year-to-date figure of EUR

51.9bn posting an impressive gain on the EUR 17.8bn raised in the same period last year.

The rise is not only due to the lack of issuance last year, as April posted the fifth highest monthly total in as many years (EUR

15.7bn). Year-to-date volume is easily the highest in the last five years and over twice the 2020 total over the same time frame.

There was a particularly strong rise in LBO activity, totalling EUR 5.9bn year-to-date, versus just EUR 830m over the same period

last year. The largest of these bond deals in April backed Cinven’s acquisition of Lonza Specialty Ingredients and comprised a USD

350m senior secured note priced at 4.75% and EUR 460m senior unsecured note at 5.25%.

Continued next page…

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The unrelenting high yield market bond activity in the past few weeks has fuelled the lowest weighted average yield to maturity

on record for senior unsecured bonds at just 2.91% year-to-date. This has driven the overall yield to maturity to its lowest level

of 3.61%, down from 3.7% in 2020.

With over EUR 4bn currently in syndication, as well as a benchmark-size deal from German automotive parts producer

MAHLE, primary bond issuance seems to have legs on it yet.

Continued next page…

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Leveraged loan scorecards

April 2021

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- Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 YTD21 YTD20 YoY change (%)

Leveraged issuance 17.31 15.26 33.73 30.27 17.88 97.15 92.44 5%

New money leveraged issuance 12.53 8.44 18.35 7.08 7.22 41.09 53.04 -23%

Institutional issuance 6.09 9.24 20.37 24.63 13.77 68.02 47.39 44%

New money institutional issuance 4.09 4.74 7.82 5.09 5.11 22.76 23.51 -3%

Leveraged M&A loan issuance (ex. LBOs)

10.53 1.43 11.84 0.78 0.63 14.67 9.98 47%

LBO loan issuance 1.05 2.61 5.97 4.22 3.18 15.98 16.91 -5%

Sponsored loan issuance 3.10 6.73 20.66 18.65 10.93 56.97 45.82 24%

Second-lien issuance - 0.04 0.07 0.84 0.24 1.18 0.55 114%

Reverse Yankee issuance 1.00 0.10 2.04 6.33 1.75 10.22 7.80 31%

CLO issuance - new 1.64 1.22 3.34 3.26 3.05 10.86 6.61 64%

CLO issuance - refinancing - 0.9 3.7 3.7 2.5 10.77 0.00 -

CLO issuance - resets - 0.8 4.4 4.7 3.5 13.29 0.79 1575%

CLO issuance – reissues - - - 0.4 - 0.41 0.00 -

2Q20 3Q20 4Q20 1Q21 2Q21 to date

Avg. pro rata margin 279bps 442bps 439bps 450bps 206bps

Avg. institutional loan margin – first liens

480bps 425bps 401bps 371bps 366bps

Secondary market - Institutional term loans

31-Dec-20 29-Jan-21 28-Feb-21 31-Mar-21 30-Apr-21

Wtd. Avg. Bid 95.31 96.62 96.21 96.30 96.49

Wtd. Par-plus share 11% 18% 29% 12% 14%

Wtd. Sub-90 share 11% 8% 7% 8% 8%

Advancer % (all loans) 56% 86% 90% 19% 64%

Decliner % (all loans) 2% 12% 9% 78% 32%

Unchanged % (all loans) 42% 2% 1% 3% 4%

8

Leveraged loan market scorecard*


Source: Debtwire Par *Subject to further updates as more data is collected

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Leveraged loan issuance overview

April 2021

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10

Leveraged loan issuance – Monthly – Pro rata vs. Institutional*

Source: Debtwire Par

15

7

21

37 8

6 69 10

5

11 10 912

4 58

5 2 5 4

15

6 7

13 12

25

810

2

116 5

22

12

24

16

6 73

611

6

13

6 4

14

14

12

10

12 9

23

128

914

8 10 11

13

4

107 16

2

2 5

12

10 7

1218

7

10

1513

4

18

20

7

2

3

10

7

4 36

4

6

9

20

25

14

0

5

10

15

20

25

30

35

40

EU

R b

n

Institutional

Pro Rata/Non Inst.

9 14 136

15 143 6

18 16 18 14

30 30 3120 24

3121

1524 26

18 20 22

57

2920 25

4

15

3021

14

1825

1114

12 1822 35

5142

3344 31

29

2725

19

3036 32

45

15

15

16

54

14

0

10

20

30

40

50

60

70

80

90

EU

R b

n

Institutional

Pro Rata/Non Inst.

Leveraged loan issuance – Quarterly – Pro rata vs. Institutional


*Subject to further updates as more data is collected

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Revolving credits issuance


1.9 2.0

13.9

4.3 4.6

3.2

10.8

1.0

2.6 2.63.3

3.8

6.8

4.7

3.0

4.5 4.65.0

6.4

1.3

2.9

1.2 1.40.9

2.0

1.2

9.8

3.2

4.1

1.8

8.0

5.3

0.9

2.4 2.1

4.2

5.9

3.1

2.1

8.7

4.6

9.3

5.5

4.4

2.5

1.5

2.6

1.7

2.8 2.83.4

2.7

14%

9%

31%

18%16%16%

33%

8%

14%15%

11%

22%

40%

24%

16%

23%23%25%25%

17%

20%

8%7%

20%

30%

13%

37%

20%

29%

7%

27%

59%

6%

10%9%

62%

20%

12%

18%

35%

29%28%

24%

33%

24%

17%

21%

10%

18%

8%

11%

15%

-5%

5%

15%

25%

35%

45%

55%

65%

0

2

4

6

8

10

12

14

16

18Ja

n-1

7F

eb

-17

Ma

r-1

7A

pr-

17

Ma

y-1

7Ju

n-1

7Ju

l-1

7A

ug

-17

Se

p-1

7O

ct-1

7N

ov

-17

De

c-1

7Ja

n-1

8F

eb

-18

Ma

r-1

8A

pr-

18

Ma

y-1

8Ju

n-1

8Ju

l-1

8A

ug

-18

Se

p-1

8O

ct-1

8N

ov

-18

De

c-1

8Ja

n-1

9F

eb

-19

Ma

r-1

9A

pr-

19

Ma

y-1

9Ju

n-1

9Ju

l-1

9A

ug

-19

Se

p-1

9O

ct-1

9N

ov

-19

De

c-1

9Ja

n-2

0F

eb

-20

Ma

r-2

0A

pr-

20

Ma

y-2

0Ju

n-2

0Ju

l-2

0A

ug

-20

Se

p-2

0O

ct-2

0N

ov

-20

De

c-2

0Ja

n-2

1F

eb

-21

Ma

r-2

1A

pr-

21

Sh

are

(%)

EU

R b

n

Issuance

Share of overall leveraged loan issuance


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Leveraged loan issuance – Monthly – New money share*


1410

20

6

13

5 8 712

913

812 11

18

712

6 72 4

7

17

95

15 14

511 10 9

5

14 127

21

12

26

15

8 85

1013

8

18

7 7

14

10

13

6

6

12

21

105 10

612

8 9

8

2

29

14

23

3

8

59

11 13

4

4

13 14

2

1614

5

4

3

7

8

53

3

2

5

7

15

23

11

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5

10

15

20

25

30

35

40

Ne

w m

on

ey

sh

are

Le

ve

rag

ed

loa

n is

sua

nce

(EU

R b

n)

New Money

New Money Share

716 19

1221 19

11 15 17 20 16 2034 35 39

2034 31 36

1528 29 30

2332

59

31 2734

7

17

2714

9

13 20

25

12 14 2428

4838 25

43 21 29 12

2513

24 2128

35

14

1510

45

11

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

10

20

30

40

50

60

70

80

90

Ne

w m

on

ey

sh

are

Le

ve

rag

ed

loa

n is

sua

nce

(EU

R b

n) New Money

New Money share

Leveraged loan issuance – Quarterly – New money share*



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Institutional loan issuance – Monthly - New money share*


47

9

48

36 4 5 6

106

3

811

4

9

4 52 2 3

108

3

7 8

46 5

3 3

8 95

2 2

85

2 24 4 4 5

85 5

107 3

6

3

6

17

73

3

4

5

4

3

2

0

0

3

11

1 1

2

12

5

5

9

3

410

9

1

1111

2

0 1

1

2

2 1

21

25

13 19

9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5

10

15

20

25

30

Ne

w m

on

ey

sh

are

EU

R b

n

New Money

New Money share

613 13

812 9 9 12 10 9 10

15 15 1521

1321 17

24

1115 18 19

1221

12 10 1218

5

9

178

66

16

23

28

11

20

3628 12 31

1011

3

14 4

1216

19

24

3 5 4

36

9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

Ne

w m

on

ey

sh

are

EU

R b

n

New Money

New Money share

Institutional loan issuance – Quarterly - New money share*



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Leveraged loan issuance – Use of proceeds – 2021 to date

55.3

16.0 14.7

4.4 4.2 1.1 0.8 0.50

10

20

30

40

50

60

Refinancing LBO Acquisition Dividend Recap General Corporate Refinancing Bond Spinoff Exit Financing

EU

R b

n



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Institutional loan issuance – Use of proceeds – 2021 to date

44.8

12.5

4.1 3.7 1.1 0.8 0.60

5

10

15

20

25

30

35

40

45

50

Refinancing LBO Acquisition Dividend Recap General Corporate Spinoff Refinancing Bond

EU

R b

n



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Leveraged loan issuance – Use of proceeds – Monthly

0 5 10 15 20 25 30 35 40

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

EUR bn

Dividend recap

GCP

LBO

M&A (ex-LBO)

Other

Refi

Repricing



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Leveraged loan issuance – Use of proceeds – LTM



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Leveraged loan issuance by rating*

0%

10%

20%

30%

40%

50%

60%

>=BB+ BB BB- B+ B B- <=CCC+

2019

2020

2021 YTD

Sh

are

of

issu

an

ce (%

)

*Based on universe of loans that are rated. Where split rated, higher rating is used. Only Moody’s and S&P ratings are considered



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Institutional loan issuance by rating*


0%

10%

20%

30%

40%

50%

60%

70%

>=BB+ BB BB- B+ B B- <=CCC+

2019

2020

2021 YTD

Sh

are

of

issu

an

ce (%

)


*Based on universe of loans that are rated. Where split rated, higher rating is used. Only Moody’s and S&P ratings are considered.

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No. Borrower Name Sponsor(s) Country Issuer Rating Purpose Institutional € Pricing OID Prorata € Bookrunner Close Date

1 Birkenstock L Catterton Germany B/B2/B+ LBO Closed 325 99.5 65* GS 26-Apr-21

2 GfK KKR Germany B+/B1/BB- Refinance Closed 650 99.5 130* GS, DB, UC 23-Apr-21

3Jazz

Pharmaceuticals- USA

BB-/Ba2/BB+

Acquisition Closed 625 99.5 125* BofA 22-Apr-21

4 Logoplaste OTPP Portugal TBD SBO Closed 440 99.5 88* BNP, GS 21-Apr-21

5 Roehm Advent Germany B-/B3/B- Refinance Closed 977 100 195* Barc, DB 16-Apr-21

6 Cooper CVC France B/B3/B LBO Closed 920 100 184* BNP, HSBC, Nom 15-Apr-21

7 UPC BroadbandLiberty Global

Netherlands BB-/B1/BB- Refinance Closed 800 99.75 160* BofA, Sco, BNP, Citi 15-Apr-21

8 Ameos ICG Switzerland TBD LBO Closed 600 99.75 120* BNP, UC 16-Apr-21

9 VFS EQT Switzerland TBD Refinance Closed 75 94.75 - JPM 16-Apr-21

10 Ramsay - France BB-/Ba3/- Refinance Closed 1,45099.75,

100290* BNP, CA, Medio 14-Apr-21

11Independent

VetcareEQT UK B/B3/- Refinance Closed 1,810

100/99.5

362*Barc, Citi, CA, GS, NW, SEB,

SMBC14-Apr-21

12 IMV Technologies Montagu France TBD LBO Closed 70 99 30 BoI, HSBC, ING, UC 14-Apr-21

20

Recently closed leveraged loans issued YTD


*Based on transactions where at least a portion of the deal was syndicated in Europe


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M&A leveraged loan issuance - Monthly


9.4

2.6

5.4

0.9

4.5

0.2 0.1 1.4

4.5 4.1 4.33.3 3.8

1.5

5.7

1.6 1.3 1.23.0

0.8 1.9 1.9

8.7

0.30.5

6.2 6.0

0.2 2.4 3.2 3.31.9

5.9

2.0 2.10.0 0.9

4.93.1

5.1 4.7

2.2

4.7

10.5

1.4

11.8

0.8 0.6

2.2

2.0

4.7

4.1

6.1

3.2 5.9 3.6

1.64.5

6.1

2.2

6.7

7.9

8.9

1.3

9.2

4.52.4

1.31.2 2.4

4.2

5.3

1.4

3.2 4.2

3.0

6.8 4.0 2.7

0.8

3.5

6.8

3.23.4 1.1

5.4

5.1 0.9 1.1

2.2

3.0

1.0

2.6

6.0

4.23.2

0

2

4

6

8

10

12

14

16

18

20

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

LBO

Non-LBO

5.1 5.83.3 2.9 3.8 3.9

1.25.6

2.5 4.2 5.1 4.98.7

14.310.9

1.7

12.98.6 8.7

4.9

12.5

6.9 8.6 8.4 10.05.7

12.917.4

14.1

0.6

1.3

8.110.2

4.8

11.79.4

9.0

6.38.8

10.04.7 6.4

7.9

5.814.9

12.7

12.116.8

19.4

8.2

7.8

9.9

13.9

7.6

13.5

9.9

7.1

6.2 12.8

3.20

5

10

15

20

25

30

EU

R b

n

LBO

Non-LBO

M&A leveraged loan issuance - Quarterly


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Sponsored loan issuance - Monthly


15.214.0

15.6

8.810.9

7.8

15.6

12.9

8.811.4

15.1

5.3

14.4 13.9 14.9

5.2

12.714.3 15.1

2.23.5

8.3

14.2

10.8

3.6

12.714.4

4.0

9.6

13.912.0

4.2

18.8

16.0

6.44.7

3.2

10.5 10.1

4.73.2

5.2 5.9

3.1

6.7

20.718.7

10.9

0

5

10

15

20

25

EU

R b

n

6.5

17.212.2

5.5

15.919.8

10.113.8 16.9

21.6 21.328.0

46.340.0

35.3 36.2 35.3 33.7 32.8 31.526.0 27.0 28.0 30.0

41.2

18.4 18.014.2

46.0

10.9

0

5

10

15

20

25

30

35

40

45

50

EU

R b

n

Sponsored loan issuance - Quarterly


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Second-lien loan issuance - Monthly


0.20.1

0.20.1

0.4

0.10.0

0.4

0.0

0.30.5

0.2

0.9

0.3

0.7

0.1

0.3

0.8

0.20.1

0.3

0.2

0.5

0.0

0.2

0.0

0.2

0.00.00.00.1

0.30.20.20.1

0.00.1

0.00.00.00.00.00.00.0

0.00.1

0.8

0.2

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0M

ay

-17

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

0.3

1.4

2.4

1.00.8

0.30.5

1.0

0.4

0.00.3 0.3 0.5 0.3

0.6 0.50.8

1.51.1 1.1

0.9

0.2 0.2 0.30.6 0.1

0.00.0

1.0

0.20.0

0.5

1.0

1.5

2.0

2.5

EU

R b

n

Second-lien loan issuance - Quarterly


An Acuris Company

24

Reverse Yankee leveraged loan issuance – Monthly



Reverse Yankee leveraged loan issuance - Quarterly

0.0

1.4 1.3

3.42.8

1.2

2.5

1.32.2

0.9 1.2

5.3

0.8

3.8

2.5

0.0

3.9

1.8

3.7

0.0 0.0

1.7

0.0

2.7

0.3 1.02.2 2.1

0.00.3 0.2

0.0

4.5

1.6 1.10.5

0.0

3.8

0.9 0.6 0.5 0.4 0.11.0

0.1

2.0

6.3

1.8

0

1

2

3

4

5

6

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

1.9 2.3 2.5

4.6

8.6

3.7

7.5

5.04.4

9.8

6.45.4

1.7

4.0 4.2

0.5

7.3

4.4

2.0 1.5

8.5

1.8

0

2

4

6

8

10

12

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21to date

EU

R b

n

An Acuris Company

25

Covenant-lite share of institutional loans

27%

52%

77% 76% 77%

84%88%

97%

83%80%

96%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21

Sh

are

of

loa

ns

Source: Xtract Research


An Acuris Company

Leveraged loan pricing

April 2021

An Acuris Company

27

Leveraged loan pricing

298

338361

345

427

289 298

418

313

401

254

392

260281

241214

269

311 299

334

257279

442 439 450

206

453

414432

483

523

454

418

377348 356 370

322

377 367

413

366

449

408381

353 346

531

461

401375 366

0

100

200

300

400

500

600

We

igh

ted

Ma

rgin

(bp

s)

Pro rata*

Institutional



*Excludes GBP 400m Debenhams & New Look GBP 80m and 100m facilities, all issued as part of a restructuring transaction

An Acuris Company

28

Pro Rata loan pricing – (LBOs only)

305

357

293

330

363 364

304

431

0

340

0

375 375

0

0

50

100

150

200

250

300

350

400

450

500

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 todate

We

igh

ted

Ma

rgin

(bp

s)

*Excludes GBP 400m Debenhams & New Look GBP 80m and 100m facilities, all issued as part of a restructuring transaction


*All currencies


An Acuris Company

29

Institutional loan pricing – First liens

337

383 398

435 432 411 418

466

508

454

406

366 348 355

370

322

367352

401

357

425402

370359338

480

425401

371366

-

100

200

300

400

500

600

We

igh

ted

Ma

rgin

(bp

s)



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

We

igh

ted

Yie

ld*

(%)

** Euro facilities only, based off universe of loans where all pricing fields are available*All currencies

* Yield to 3 years

An Acuris Company

30

Institutional loan pricing – First liens – M&A


325

360

399

474459

409425

409

509499473

408388

362383

365376372399

384

414421

390414

360

429424403

370378

0

100

200

300

400

500

600

We

igh

ted

Av

era

ge

Ma

rgin

(bp

s)

*All currencies


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

We

igh

ted

Yie

ld*

(%)

** Euro facilities only, based off universe of loans where all pricing fields are available

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

We

igh

ted

Yie

ld*

(%)


* Yield to 3 years

An Acuris Company

31

Institutional loan pricing – First liens (LBOs only)



0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

We

igh

ted

Yie

ld*

(%)


*All currencies

398371

395

483454

473

423

453

502516

484462

410411

380364374

407402408430431

413423

379

441439419

375386

0

100

200

300

400

500

600

We

igh

ted

Av

era

ge

Ma

rgin

(bp

s)

*All currencies

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

We

igh

ted

Yie

ld*

(%)


* Yield to 3 years

An Acuris Company

Quarterly average margin on first-lien institutional loans


150

200

250

300

350

400

450

500

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21to date

Ba1/Ba2/Ba3

B1/B2/B3

We

igh

ted

Ma

rgin

(b

ps)


32

An Acuris Company

33

Original issue discounts (OIDs)*

0%

10%

20%

30%

40%

50%

60%

<98 98 to <99 99 to <99.25 99.25 to <99.50 99.50 to <99.75 99.75 to <100 >=100

Sh

are

of

issu

an

ce (%

)

Price / OID

2019

2020

2021 YTD

*Based on universe of deals where OID data available



An Acuris Company

34

Benchmark floors on institutional term loans*

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2015 2016 2017 2018 2019 2020 2021 YTD

Sh

are

of

issu

an

ce (%

)

1% floor 0.75% floor 0.50% floor 0% floor

*Based on universe of deals where benchmark floors present and the base rate is EURIBOR



An Acuris Company

35

Institutional loan flex activity

-80.00

-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

-40

-30

-20

-10

0

10

20

30

40

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21to date

Av

g. m

arg

in f

lex

(bp

s)

Nu

mb

er

of

ma

rgin

fle

xe

s

Number of flexes down Number of flexes up Average flex up Average flex down



An Acuris Company

Institutional loan average margin and OID


0

100

200

300

400

500

600

700

800

900

1000

Inst

itu

tio

na

l fir

st-l

ien

lo

an

we

igh

ted

ma

rgin

, OID

(bp

s)

OID

Margin

* Euro facilities only, based off universe of loans where all pricing fields are available

An Acuris Company

Leveraged loan stats by industry

April 2021

An Acuris Company


IndustryAmount iss.

(EURbn)No. of deals

Share of iss. (%)

Share of deals (%)

New money iss. (EURbn)

Share of new money iss. (%)

Wtd. avg. margin (bps)

Wtd. avg. rating

Business Services 19.28 31 19.85% 16.85% 12.58 30.62% 200 B+

Industrials & Chemicals 16.95 34 17.45% 18.48% 4.04 9.83% 309 B+

Pharma, Medical & Biotech

15.02 18 15.46% 9.78% 6.28 15.28% 332 B

Construction 10.64 17 10.95% 9.24% 6.22 15.13% 216 B

Technology 8.15 15 8.39% 8.15% 1.62 3.94% 353 B

Financial Services 7.14 12 7.35% 6.52% 2.04 4.96% 250 B

Consumer 6.50 28 6.69% 15.22% 4.25 10.34% 343 B+

Media 4.30 4 4.43% 2.17% 0.24 0.57% 284 -

Leisure 3.36 7 3.45% 3.80% 0.72 1.74% 16 CCC+

Energy, Mining & Utilities 3.03 5 3.12% 2.72% 1.92 4.67% 251 CCC

Transport 1.71 6 1.76% 3.26% 0.82 1.99% 22 -

Telecommunications 0.74 3 0.76% 1.63% 0.23 0.56% - -

Real Estate 0.18 2 0.18% 1.09% 0.00 0.00% - -

Agriculture 0.15 1 0.15% 0.54% 0.15 0.37% - -

Utilities (other) 0.00 1 0.00% 0.54% 0.00 0.00% - -

38

Leveraged loan issuance by broad sector


An Acuris Company


Industry Amount iss. (EURbn) Share of iss. (%)New money iss.

(EURbn)Share of new money iss.

(%)Wtd. avg. margin (bps) Wtd. avg. rating

Industrials & Chemicals 14.77 21.7% 3.22 14.1% 351 B+

Pharma, Medical & Biotech 13.79 20.3% 5.80 25.5% 357 B

Business Services 10.13 14.9% 4.09 18.0% 380 B+

Technology 7.61 11.2% 1.26 5.5% 372 B

Construction 5.96 8.8% 2.41 10.6% 385 B

Consumer 5.66 8.3% 3.84 16.9% 373 B+

Financial Services 4.93 7.2% 1.12 4.9% 358 B

Media 3.85 5.7% 0.19 0.8% 298 -

Energy, Mining & Utilities 0.61 0.9% 0.61 2.7% 700 CCC

Leisure 0.56 0.8% 0.10 0.4% 98 CCC+

Telecommunications 0.14 0.2% 0.14 0.6%

39

Institutional loan issuance by broad sector


An Acuris Company

Leveraged loan stats by country of syndication

April 2021

An Acuris Company

Country Amount iss. (EURbn) No. of deals Share of iss. (%) Share of deals (%) New money iss. (EURbn) Share of new money iss. (%)

France 20.99 40 22% 22% 4.95 12%

United Kingdom 20.30 41 21% 22% 6.73 16%

Germany 14.68 22 15% 12% 3.89 9%

Spain 8.86 21 9% 11% 7.16 17%

Sweden 8.13 10 8% 5% 5.12 12%

Italy 5.06 16 5% 9% 4.56 11%

Netherlands 4.75 10 5% 5% 2.03 5%

Belgium 4.38 6 5% 3% 1.78 4%

Ireland (Republic) 2.28 2 2% 1% 0.09 0%

Switzerland 2.25 6 2% 3% 0.60 1%

Denmark 1.70 2 2% 1% 1.70 4%

Finland 1.23 2 1% 1% 0.93 2%

Luxembourg 1.03 4 1% 2% 0.96 2%

Norway 0.98 3 1% 2% 0.06 0%

Portugal 0.54 1 1% 1% 0.54 1%

41

Leveraged loan issuance by country of syndication



An Acuris Company

Country Amount iss. (EURbn) Share of iss. (%) New money iss. (EURbn) Share of new money iss. (%)

United Kingdom 17.34 25% 4.94 22%

France 16.58 24% 4.14 18%

Germany 12.16 18% 2.82 12%

Sweden 6.70 10% 3.92 17%

Netherlands 4.20 6% 1.59 7%

Belgium 3.49 5% 1.64 7%

Ireland (Republic) 2.28 3% 0.09 0%

Switzerland 2.23 3% 0.60 3%

Denmark 1.35 2% 1.35 6%

Finland 0.60 1% 0.60 3%

Luxembourg 0.44 1% 0.44 2%

Portugal 0.44 1% 0.44 2%

Spain 0.14 0% 0.14 1%

Italy 0.08 0% 0.08 0%

42

Institutional loan issuance by country of syndication



An Acuris Company

Credit statistics

April 2021

An Acuris Company

44

Total Leverage*

5.15.4 5.5 5.5 5.5 5.5

5.3 5.3

5.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21

De

bt/

Ad

just

ed

EB

ITD

A (x

:1)



*Based on loan deals for which Debtwire has access to this data

An Acuris Company

45

Net Leverage*

4.6

5.25.0 5.1 5.1 5.0

4.8 4.7

5.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21

De

bt/

Ad

just

ed

EB

ITD

A (x

:1)



*Based on loan deals for which Debtwire has access to this data

An Acuris Company

Deals coming to market / Deals in market

April 2021

An Acuris Company

47

Leveraged loan pipeline


€0 b

€5 b

€10 b

€15 b

€20 b

€25 b

€30 b

€35 b

EU

R b

n

Institutional

Prorata


Senior tranches syndicated in Western EuropeDeals consist of mandated, to loans in general syndication

An Acuris Company


Name Sponsor Country Issuer Rating Purpose Stage Institutional € Pro rata € Bookrunner(s)

Telepass Partners Group Italy TBD SBO Mandated 634* 127* GS, Intesa, Medio

Calisen BlackRock, Mubadala, GS UK TBD LBO Mandated 475 75 NW, BNP, GS

The Priory Group (Acadia UK) Waterland UK TBD LBO Mandated 1,200 240* TBD

Daisy DWS Inflexion UK TBD LBO Mandated 669* 134* TBD

Interpath Advisory (KPMG restructuring)

HIG UK TBD LBO Mandated 276* 55* TBD

Philips Domestic Appliances Hillhouse Capital Netherlands TBD LBO Mandated 2,220* 444* DB, HSBC, JPM

Omni-Pac Latour France TBD LBO Mandated 100 20* CA, HSBC, LCL

Masmovil KKR, Providence, Cinven France TBD Acquisition Mandated 500 100* BNP, GS, San, Barc, DB

Itiviti Broadridge Sweden -/B3/- SBO Mandated 2,143 429* TBD

48

Deals coming to market


Deals consist of pre-mandated and mandated deals

*Indicates where institutional/pro-rata split isn’t yet disclosed and so 80/20 split is presumed

An Acuris Company

Secondary loan market snapshot

April 2021

An Acuris Company

50

Weighted average bid

75

80

85

90

95

100

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

We

igh

ted

av

g. b

id (%

of

pa

r)

All term loans

Institutional term loans

Most widely quoted term loans

Source: Markit


An Acuris Company

51

Par-plus share*

0%

10%

20%

30%

40%

50%

60%

70%Ju

n-1

9

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

Sh

are

of

loa

ns

bid

>=

10

0 (%

)

All term loans

Institutional term loans


Source: Markit

An Acuris Company

52

Institutional term loans bid distribution*

Monthly comparison

0%

10%

20%

30%

40%

50%

60%

70%

<70 70 to<80 80 to <85 85 to <90 90 to <95 95 to <98 98 to <99 99 to <100 100 to <101 >=101

Sh

are

of

loa

ns

Avg. Bid (% of par)

Jan-21

Feb-21

Mar-21

Apr-21

Source: Markit


An Acuris Company

53

Industry snapshot*

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

65

67

69

71

73

75

77

79

81

83

85

87

89

91

93

95

97

99

101

Sh

are

of

ma

rke

t (%

)

We

igh

ted

Av

g. b

id (%

of

pa

r)

31-Mar-21 30-Apr-21 % share

*Based on universe of institutional term loans priced in the secondary market

Source: Markit


An Acuris Company

54

Country of issuer*

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

100

102

Sh

are

of

ma

rke

t (%

)

We

igh

ted

Av

g. b

id (%

of

pa

r)

31-Mar-21

30-Apr-21

% share

*Based on universe of institutional term loans.

Source: Markit


An Acuris Company

55

Advancers / decliners – All loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

Sh

are

of

loa

ns

(%)

Declined Unchanged Advanced

Source: Markit


An Acuris Company

LoanX ID Issuer Deal Name Facility Ccy Country IndustryInitial

AmountFinal Maturity

Initial Spread

Bid Offer DepthPrior month-

end BidChange % change

LX162454 COMDATA SPA Comdata 5/17 TLB EUR ItalyProfessional &

Business Services355 27-Jun-24 450 60.57 62.71 7 55.50 5.07 8.37%

LX170039 CELSA GROUP Celsa 10/17 Jumbo 1B TL EUR Spain Steel 750 31-Oct-22 325 84.17 87.00 3 80.00 4.17 4.95%

LX170047 CELSA GROUP Celsa 10/17 Jumbo Strip TL EUR Spain Steel 31-Oct-22 84.17 87.00 3 80.00 4.17 4.95%

LX170040 CELSA GROUP Celsa 10/17 Jumbo 2 TL EUR Spain Steel 100 31-Oct-22 325 84.17 87.00 3 80.00 4.17 4.95%

LX169722 COLOUR BIDCO LTD NGA UK 11/17 Cov-Lite TLB GBPUnited

KingdomComputers &

Electronics260 31-Jan-25 525 95.75 97.00 thin 91.25 4.50 4.70%

LX165449 HOMAIR VACANCES European Camping 7/17 TLB GBP France Gaming And Hotels 194.19 19-Jul-24 475 88.00 91.33 3 85.13 2.88 3.27%

LX181991DISTRIBUIDORA

INTERNACIONAL DE ALIMENTACION SA

DIA/Distribuidora Internacional 7/19 B1A

TLB1 EUR Spain Retail Food & Drug 75.72 31-Mar-23 250 90.50 92.00 thin 87.75 2.75 3.04%



DIA/Distribuidora Internacional 7/19 B1B

TLB EUR Spain Retail Food & Drug 25.67 31-Mar-23 250 90.50 92.00 thin 87.75 2.75 3.04%



DIA/DistribuidoraInternacional 7/19

TL EUR Spain Retail Food & Drug 31.2 31-Mar-23 250 90.50 92.00 thin 87.75 2.75 3.04%



DIA/Distribuidora Internacional 7/19 D1

TLD EUR Spain Retail Food & Drug 123.33 31-Mar-23 250 90.50 92.00 thin 87.75 2.75 3.04%



DIA/Distribuidora Internacional 7/19 D2

TLD EUR Spain Retail Food & Drug 110.56 31-Mar-23 250 90.50 92.00 thin 87.75 2.75 3.04%

LX181750ETRAVELI GROUP HLDG

ABEtraveli 7/19 Cov-Lite TLB1 EUR Sweden

Entertainment And Leisure

270 02-Aug-24 425 96.50 98.00 thin 93.88 2.63 2.72%

LX188908 DEOLEO SA Deoleo 6/20 2nd Lien (Junior) TL EUR Spain Food And Beverage 82 26-Jun-26 300 252.50 272.50 thin 246.67 5.83 2.31%

LX180046 Steenbok Lux Finco 2 SARLSteinhoff/Steenbok 8/19 2nd

Lien PIKTLA2 EUR Luxembourg Securities & Trusts 3591.04 31-Dec-21 1075 87.34 88.16 4 85.46 1.89 2.16%

LX187142 EROSKI S C Eroski 7/19 (Tranche A2.2) TLA2 EUR Spain Retail Food & Drug 3.098 30-Jul-24 250 59.17 61.83 3 58.00 1.17 1.97%


LX187144 EROSKI S C Eroski 7/19 (Tranche B1.2) TLB1 EUR Spain Retail Food & Drug 9.319 30-Jul-24 59.17 61.83 3 58.00 1.17 1.97%


LX187143 EROSKI S C Eroski 7/19 (Tranche B1.1) TLB1 EUR Spain Retail Food & Drug 500.198 30-Jul-24 59.17 61.83 3 58.00 1.17 1.97%

LX186663 EROSKI S C Eroski 7/19 (Tranche A1.1) TLA1 EUR Spain Retail Food & Drug 836 30-Jul-24 250 59.17 61.83 3 58.00 1.17 1.97%

LX168755 Comet BidCo Ltd Clarion Events 9/17 Cov-Lite TLB GBPUnited

KingdomProfessional &

Business Services315 27-Sep-24 525 93.81 95.13 4 92.00 1.81 1.93%

LX182308 Steenbok Lux Finco 1 SARLSteinhoff/Steenbok 8/19 SFH

23 PIKTLA2 EUR Luxembourg Securities & Trusts 1179.81 31-Dec-21 1000 49.58 52.25 3 48.69 0.89 1.81%

LX180927 VUE INTL BIDCO PLC Vue Cinemas 6/19 Cov-Lite TLB1 EURUnited

KingdomEntertainment And

Leisure634 03-Jul-26 475 89.67 90.56 6 88.08 1.58 1.77%

LX181243 VUE INTL BIDCO PLC Vue Cinemas 6/19 Cov-Lite TLB2 EURUnited


Leisure114 03-Jul-26 475 89.67 90.56 6 88.08 1.58 1.77%

LX190035 TechnicolorTechnicolor 9/20 (EUR) PIK

Cov-LiteTL1 EUR France Media 453.59 31-Dec-24 600 95.31 96.63 4 93.65 1.66 1.74%

56

Biggest monthly ADVANCERS

Source: Markit


An Acuris Company

LoanX ID Issuer Deal Name Facility Ccy Country IndustryInitial

AmountFinal

MaturityInitial

SpreadBid Offer Depth

Prior month-end Bid

Change % change

LX182306 Steenbok Lux Finco 2 SARLSteinhoff/Steenbok 8/19

2nd Lien SEAG PIKTLB2 EUR Luxembourg Securities & Trusts 1106.41 31-Dec-21 1075 65.67 74.00 3 69.00 -3.33 -5.08%

LX185698 Columbus Fin BV Scenic 2/20 Cov-Lite TLB EUR Netherlands Securities & Trusts 350 05-Mar-27 375 88.17 89.67 3 90.17 -2.00 -2.27%

LX170046 CELSA GROUP Celsa 10/17 Convert Strip TL EUR Spain Steel 31-Oct-22 16.83 19.33 3 17.17 -0.33 -1.98%

LX170042 CELSA GROUP Celsa 10/17 Convert 2 TL EUR Spain Steel 850 30-Apr-23 350 16.83 19.33 3 17.17 -0.33 -1.98%

LX176938 CELSA GROUP Celsa 11/18 TL3 EUR Spain Steel 44.78 30-Apr-23 375 16.83 19.33 3 17.17 -0.33 -1.98%

LX170041 CELSA GROUP Celsa 10/17 Convert 1 TL EUR Spain Steel 400 30-Apr-23 350 16.83 19.33 3 17.17 -0.33 -1.98%

LX154542 CHIME FIN LTD Chime Finance 9/15 TLA GBPUnited

KingdomProfessional &

Business Services50 30-Sep-21 425 87.41 90.41

implied

89.05 -1.64 -1.87%

LX177934 MERCATOR H DOO Mercator 10/14 TLC EUR Croatia Securities & Trusts 27-Jun-21 325 92.50 97.50 thin 93.50 -1.00 -1.08%

LX177933 MERCATOR H DOO Mercator 10/14 TLB EUR Croatia Securities & Trusts 27-Jun-21 325 92.50 97.50 thin 93.50 -1.00 -1.08%

LX177932 MERCATOR H DOO Mercator 10/14 Revolving TLA EUR Croatia Securities & Trusts 27-Jun-21 325 92.50 97.50 thin 93.50 -1.00 -1.08%

LX181236 PAX MIDCO SPAIN, S.L.U.Areas Worldwide 7/19

(EUR) Cov-LiteTLB EUR Spain Retailing 1050 01-Jul-26 475 89.17 90.17 8 90.11 -0.94 -1.05%

LX153794 Sixteen Gooseberry Sa rl Kalle 6/16 TLB1 EUR Luxembourg Food And Beverage 145 29-Dec-23 475 83.00 86.50 thin 83.75 -0.75 -0.90%

LX152965 HNVR Holdco Ltd Hotelbeds 7/16 Cov-Lite TLB EURUnited


Leisure1007.6 12-Sep-25 425 87.11 87.94 9 87.88 -0.76 -0.88%

LX168861 CEP IV Invt 16 Sa rlADB Safegate 9/17 (EUR)

Cov-LiteTL EUR Luxembourg Financial Services 285 03-Oct-24 350 92.32 93.32 7 93.13 -0.80 -0.87%

LX177188 CEP IV Invt 16 Sa rlADB Safegate 11/18 (EUR)

Add-onTL EUR Luxembourg Financial Services 59 03-Oct-24 350 92.32 93.32 7 93.13 -0.80 -0.87%

LX170078 HIG FIN 2 LTDHyperion Insurance 12/17

(EUR) Cov-LiteTL EUR

United Kingdom

Insurance 325 12-Nov-27 350 99.25 100.75 thin 100.06 -0.81 -0.82%

LX182307 Steenbok Lux Finco 1 SARLSteinhoff/Steenbok 8/19

SFH 21/22 PIKTLA1 EUR Luxembourg Securities & Trusts 1722.6 31-Dec-21 1000 78.00 79.20 5 78.63 -0.63 -0.80%

LX174704Promotora de Informaciones

SA PRISAPrisa 7/18 TL2 EUR Spain

Professional & Business Services

1078.922

31-Mar-25 450 92.19 93.53 9 92.86 -0.66 -0.72%

LX189374 Amer Sports Hldg Oy Amer Sports 8/20 Cov-Lite TLB2 EUR FinlandEntertainment And

Leisure100 30-Mar-26 625 99.92 100.75 3 100.59 -0.68 -0.68%

LX162763 Jade Germany GmbHRhodia 5/17 (EUR) Cov-

LiteTL EUR Germany

Professional & Business Services

35031-May-

23475 91.16 92.72 8 91.69 -0.53 -0.58%

LX171236 CatLuxe Sa rl Pronovias 1/18 Cov-Lite TLB3 EUR Luxembourg Retailing 154 02-Oct-24 450 70.05 73.85 5 70.45 -0.40 -0.57%

LX167174 CatLuxe Sa rl Pronovias 9/17 Cov-Lite TLB1 EUR Luxembourg Retailing 61 02-Oct-24 450 70.05 73.85 5 70.45 -0.40 -0.57%

LX171579WATERLOGIC GROUP

HLDGS LTDWaterlogic 3/18 (EUR) TLB1 EUR

United Kingdom

Machinery 385 14-Mar-25 375 99.00 99.69 4 99.50 -0.50 -0.51%

LX190959 SEINE HOLDCO SAS Silae/Seine 11/20 TLB EUR France Securities & Trusts 250 27-Nov-27 450 99.71 100.58 3 100.19 -0.48 -0.48%

LX193212 Alpha 3 BVAtotech 3/21 (EUR) Cov-

LiteTL EUR Netherlands Chemicals 200 18-Mar-28 275 99.21 99.67 3 99.67 -0.46 -0.46%

57

Biggest monthly DECLINERS

Source: Markit


An Acuris Company

CLO market focus

Based on CLO market data provided by sister company, Creditflux.

For more information about ways Creditflux can help you, please contact [email protected]

April 2021

An Acuris Company

59

New issue & re-issue CLO volume - Monthly

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

New Re-issue


Source: Creditflux, Wells Fargo

An Acuris Company

60

CLO refinancing & reset volume - Monthly

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

Jan

-17

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

Refinancings

Resets


Source: Creditflux

An Acuris Company

Pricing date CLO name Manager Arranger SizeDiscounted margin

AAA AA A BBB BB B

30-Apr-21 North Westerly VII NIBC Deutsche Bank 409 84 166 200 295 580 860

29-Apr-21 CVC Cordatus Loan Fund XX CVC Morgan Stanley 457 81 170 200 300 575 870

23-Apr-21 Carlyle GMS Euro CLO 2021-1 Carlyle Goldman Sachs 411 81 169 240 350 640 910

23-Apr-21 Avoca CLO XXIII KKR BNP Paribas 407 84 167 205 305 590 860

23-Apr-21 Dryden 88 Euro CLO PGIM Deutsche Bank 409 85 193 236 355 630 900

22-Apr-21 Arbour CLO IX Oaktree Credit Suisse 406 80 179 230 325 600 875

15-Apr-21 Madison Park Euro Funding XVI CSAM Citi 548 79 165 218 320 630 900

31-Mar-21 AlbaCore EURO CLO II AlbaCore Barclays 408 83 165 250 378 640 920

31-Mar-21 Cairn CLO XIII Cairn Jefferies 406 80 160 225 340 640 905

26-Mar-21 Northwoods Capital XXIII Euro Angelo Gordon Barclays 407 79 188 240 360 650 925

18-Mar-21 Barings Euro CLO 2021-1 Barings Barclays 408 80 135 230 375not

offerednot

offered

12-Mar-21 Carysfort Park Blackstone BNP Paribas 406 80 125 205 320 650 940

12-Mar-21 Hayfin Emerald CLO VI Hayfin Goldman Sachs 404 80 149 235 350 650 860

10-Mar-21 Sound Point Euro CLO V Sound Point Jefferies 409 77 169 257 330 610 875

05-Mar-21 Rockford Tower Europe CLO 2021-1 King Street Barclays 407 80 146 235 345 625 885

26-Feb-21 GoldenTree Loan Management EUR CLO 5 GoldenTree Barclays (lead)/Morgan Stanley 402 82 130 205 330 retained retained

22-Feb-21 Bosphorus CLO VI Commerzbank Deutsche Bank 357 85 143 210 343 625 870

18-Feb-21 Providus CLO V Permira Jefferies 410 80 136 205 295 560 820

12-Feb-21 BlueMountain EUR 2021-1 Assured (Fuji) Barclays 357 83 135 205 320 575 850

12-Feb-21 Aurium CLO VII Spire Barclays 402 83 140 205 310 600 850

10-Feb-21 Oak Hill European VIII Oak Hill Citi 285 84 148 240 350 610 890

08-Feb-21 Palmer Square European CLO 2021-1 Palmer Square JP Morgan 355 87 135 220 315 600 825

04-Feb-21 Anchorage Capital Europe CLO 2021-4 Anchorage Goldman Sachs 463 87 167 220 320 600 825

01-Feb-21 Neuberger Berman Loan Advisers Euro CLO 1 Neuberger Berman Morgan Stanley 307 88 145 210 300 580 850

29-Jan-21 Avoca CLO XXII KKR Credit Suisse 408 83 144 200 290 560 825

28-Jan-21 Henley CLO IV Napier Park Barclays 407 90 153 210 300 560 820

22-Jan-21 RRE 6 RR (Apollo) Citi 402 87 140 230 330 625 -

61

New issue CLOs - YTD21


Source: Creditflux

An Acuris Company

Source: Creditflux 62

CLO resets – YTD21



AAA AA A BBB BB B

27-Apr-21 Crosthwaite Park Blackstone GreensLedge/Natwest 465.00 86.13 168 242.31 315 610 900

21-Apr-21 Fair Oaks Loan Funding I Fair Oaks Morgan Stanley 328.20 85 165 240 340 630 900

21-Apr-21 Euro Galaxy VII PineBridge Citi 372.00 83 173.42 240 350 640 915

21-Apr-21 Sculptor European CLO II Sculptor Barclays 377.23 85 170 245 360 640 930

20-Apr-21 Armada Euro CLO I Brigade Morgan Stanley 335.70 82 169.21 240 340 630 920

16-Apr-21 Hayfin Emerald CLO II Hayfin Goldman Sachs 398.50 85 176.94 250 350 650 920

16-Apr-21 Aurium CLO VI Spire BofA 420.70 83 163.89 220 330 625 900

13-Apr-21 Providus CLO IV Permira Jefferies 378.10 82 174 220 325 620 900

08-Apr-21 Adagio IV Axa Morgan Stanley 391.80 82 169.5 240 345 650 920

31-Mar-21 Dryden 46 Euro CLO PGIM BofA 417.37 82 186.16 250 370 650 930

30-Mar-21 Avoca CLO XIII KKR Morgan Stanley 373.50 82 173.75 240 330 650 920

26-Mar-21 Elm Park CLO Blackstone Deutsche Bank 465.00 82 171.8 240 350 645 930

23-Mar-21 Anchorage Capital Europe CLO 2 Anchorage Credit Suisse 372.00 85 173.38 240 355 675 950

19-Mar-21 BlackRock European CLO II BlackRock Credit Suisse 372.00 79 165 235 350 660 945

17-Mar-21 Newhaven CLO Bain Natixis 339.63 82 170 250 370 710 970

15-Mar-21 St Paul's CLO X ICG Citi 372.00 80 174.63 255 375 680 950

15-Mar-21 Avoca CLO XII KKR Morgan Stanley 423.70 79 165.56 220 320 650 900

08-Mar-21 Aurium CLO V Spire BofA 411.40 79 144.9 235 350 630 975

05-Mar-21 Sculptor European CLO I Sculptor BofA 376.90 79 160 230 350 680 950

04-Mar-21 St Paul's CLO VI ICG JP Morgan 375.40 79 157.81 260 330 690 925

01-Mar-21 Carlyle GMS Euro CLO 2016-2 Carlyle Deutsche Bank 389.75 83 142.69 240 360 675 900

26-Feb-21 Jubilee 2018-XXI Alcentra Citi 373.00 79 140 231.2 330 650 900

26-Feb-21 Arbour CLO IV Oaktree JP Morgan 372.00 79 130 205 310 585 820

26-Feb-21 Euro Galaxy III PineBridge Credit Suisse 346.40 62 145.37 235 325 570 865

25-Feb-21 Hayfin Emerald CLO I Hayfin Jefferies 378.40 82 141.73 205 310 600 835

24-Feb-21 Dryden XXVII-R Euro CLO 2017 PGIM Jefferies 433.00 66 152.85 235 340 590 820

23-Feb-21 Avoca CLO X KKR Jefferies 386.50 83 146.54 200 310 595 875

23-Feb-21 RRE 1 RR (Apollo) Natixis 554.59 82 135 200 300 595 -

19-Feb-21 Dartry Park Blackstone BNP Paribas 381.94 80 130 230 335 600 870

08-Feb-21 Dryden 44 Euro CLO PGIM JP Morgan 369.75 88.8 156.25 241.12 370 625 850

05-Feb-21 CVC Cordatus Loan Fund IV CVC Morgan Stanley 417.70 83 140.42 210 310 600 850

02-Feb-21 Clarinda Park Blackstone BofA 372.19 90 150 240 330 600 850

21-Jan-21 Euro Galaxy V PineBridge BofA 374.70 95 160 240 365 625 850

20-Jan-21 Penta CLO 5 Partners Group BNP Paribas 375.85 95 164.22 240 370 650 875

An Acuris Company


AAA AA A BBB BB B

30-Apr-21 Madison Park Euro Funding V CSAM JP Morgan 206.30 68 175 - 310 - -

29-Apr-21 Harvest IX Investcorp Credit Suisse 319.50 68 1.95%* - - - -

28-Apr-21 Carlyle GMS Euro CLO 2014-2 Carlyle JP Morgan 276.20 75 183.7 - - - -

21-Apr-21 Ares European XI Ares Jefferies 377.38 77.94 173.24 220 330 - -

12-Apr-21 Armada Euro CLO III Brigade Barclays 337.00 72 150 235 330 - -

09-Apr-21 Madison Park Euro Funding VI CSAM JP Morgan 237.30 68 - - - - -

08-Apr-21 Oak Hill European VII Oak Hill Barclays 43.60 - 165 - - - -

01-Apr-21 Madison Park Euro Funding XIII CSAM Jefferies 422.50 75 168.5 237 340 - -

01-Apr-21 Oak Hill European VII Oak Hill Barclays 240.00 74 - - - - -

30-Mar-21 Laurelin 2016-1 GoldenTree Citi 258.00 72 1.8%* - - - -

29-Mar-21 Bain Capital Euro CLO 2018-2 Bain BNP Paribas 266.30 74 187.54 - - - -

26-Mar-21 Ares European VII Ares Credit Suisse 265.00 66 - - - - -

26-Mar-21 Harvest XXI Investcorp Barclays 336.00 79.5 165.41 230 340 - -

23-Mar-21 CVC Cordatus Loan Fund XII CVC Jefferies 312.20 75.85 184.73 220 - - -

19-Mar-21 Providus CLO II Permira Morgan Stanley 274.80 75 177.86 235 - - -

16-Mar-21 Carlyle GMS Euro CLO 2019-1 Carlyle BNP Paribas 336.00 75 174.78 240 350 - -

12-Mar-21 Adagio V Axa Deutsche Bank 274.74 72 155.01 220 - - -

05-Mar-21 Griffith Park CLO Blackstone BNP Paribas 371.55 72.42 160 210 310 - -

05-Mar-21 Man GLG Euro CLO V Man GLG Credit Suisse 278.00 70.75 1.68%* 2.4%* 3.8%* - -

01-Mar-21 CVC Cordatus Loan Fund XI CVC Barclays 372.38 65 155.24 190 290 - -

01-Mar-21 Harvest XX Investcorp JP Morgan 336.40 68 154.29 210 310 - -

24-Feb-21 Ares European VI Ares BNP Paribas 291.40 61 128.95 190 270 - -

23-Feb-21 Jubilee 2014-XI Alcentra Morgan Stanley 235.00 61 - - - - -

23-Feb-21 Jubilee 2014-XII Alcentra Morgan Stanley 329.00 60 160 - - - -

23-Feb-21 Jubilee 2016-XVII Alcentra Morgan Stanley 285.50 65 134.23 - - - -

23-Feb-21 BlackRock European CLO VII BlackRock Deutsche Bank 338.00 62 141.25 219.63 290 - -

23-Feb-21 CVC Cordatus Loan Fund VII CVC Deutsche Bank 368.50 63 140.15 190 290 - -

22-Feb-21 Cairn IV Cairn JP Morgan 271.85 60 135 215 310 570 -

19-Feb-21 BNPP AM Euro CLO 2018 BNP Paribas AM Citi 338.25 60 125 210 305 - -

12-Feb-21 Carlyle GMS Euro CLO 2017-2 Carlyle Jefferies 326.00 63 130 - - - -

12-Feb-21 Harvest XVI Investcorp Deutsche Bank 373.00 64 144.29 205 300 - -

12-Feb-21 Man GLG Euro CLO III Man GLG Morgan Stanley 222.00 68 170 - - - -

10-Feb-21 Invesco Euro CLO I Invesco JP Morgan 337.60 66.84 125 190 290 - -

29-Jan-21 Contego CLO IV Five Arrows BNP Paribas 290.60 64 138.41 190 265 - -

28-Jan-21 Aqueduct European CLO 1-2017 HPS Goldman Sachs 335.00 64 130 180 275 - -

22-Jan-21 BlueMountain Fuji EUR CLO II Assured (Fuji) JP Morgan 290.60 65 140 195 280 - -

63

CLO Refinancing – YTD21


Source: Creditflux

An Acuris Company

Pricing date CLO name Manager Arranger Size

Discounted margin

AAA AA A BBB BB B

12-Mar-21 Contego CLO VI Five Arrows Morgan Stanley 414.70 79 169.49 240 345 675 925

64

CLO Reissue – YTD21


Source: Creditflux

An Acuris Company

High yield bond scorecards

April 2021

An Acuris Company

-Dec-20(EURbn)

Jan-21(EURbn)

Feb-21(EURbn)

Mar-21(EURbn)

Apr-21(EURbn)

YTD21(EURbn)

YTD20(EURbn)

YoY change

High yield bond issuance 5.69 14.72 16.94 13.88 15.65 61.19 24.72 147%

New money issuance 2.49 11.23 9.28 7.82 4.38 32.72 10.91 200%

Refinancings 2.78 3.49 7.65 6.05 11.27 28.47 13.52 111%

-

HY Bond M&A issuance (ex. LBOs)

1.63 1.25 1.51 0.58 - 3.33 2.80 19%

LBO bond issuance - 0.71 3.14 0.85 1.18 5.88 0.83 605%

Sponsored bond issuance 1.41 2.75 3.44 1.96 1.92 10.06 6.27 61%

HY bonds refinancing loans - 3.24 1.60 3.37 2.61 10.81 5.47 98%

Reverse Yankee issuance 1.17 - 1.45 0.99 1.85 4.29 3.85 12%

2Q20 3Q20 4Q20 1Q21 2Q21 to date YTD 2021 - -

Wtd. Avg. yield to maturity –fixed rate bonds

4.57% 4.17% 4.73% 3.87% 4.02% 3.91%

ICE BAML Euro HY Index 11.25% 2.61% 5.42% 1.55% 0.66% 2.22%

66

High-yield bond market scorecard



An Acuris Company

High-yield bond issuance overview

April 2021

An Acuris Company

68

High-yield bond issuance – Monthly*


7.5

14.1

7.8

0.9

8.1

15.117.0

7.4 7.5

5.2

8.57.4

9.4

5.4

10.3

2.9

5.5 5.7

3.0 0.42.1

3.4

6.7

9.810.9

5.3

11.9

2.2

12.913.011.1

2.4

16.5

6.6

0.2

2.9

16.214.8

0.5

13.214.7

7.7

5.7

14.7

16.9

13.915.7

0

2

4

6

8

10

12

14

16

18

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

25.4

53.1

18.2

8.9

31.3 29.3

9.0 8.2 8.6

29.5 28.6

19.426.6

31.1

16.8

39.4

21.1 22.218.8

9.112.2

26.0 26.9 26.523.3 20.6

28.5 28.1

45.5

15.7

0

10

20

30

40

50

60

EU

R b

n

High-yield bond issuance – Quarterly*



An Acuris Company

69

High-yield bond issuance – Use of proceeds – 2021 to date

28.5

10.8

8.4

5.9

3.32.5

1.0 0.80.0

5.0

10.0

15.0

20.0

25.0

30.0

Refinancing Refinancing Loan GeneralCorporate

LBO Acquisition Dividend Recap CapitalExpenditure

Spinoff

EU

R b

n



An Acuris Company

70

High-yield bond issuance by rating* – 2021 to date

8.49.0

8.2 8.3

11.7

3.6 3.7

8.3

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

>=BB+ BB BB- B+ B B- <=CCC+ N/A

EU

R b

n

*Based on universe of loans that are rated. Where split rated, higher rating is used. Only Moody’s and S&P ratings are considered.



An Acuris Company

71

M&A high-yield bond issuance - Monthly


0.30.11.4

0.60.10.31.0

0.20.81.0

0.11.21.4

0.70.30.10.30.60.90.00.20.10.50.1

2.4

0.1

5.5

1.30.9 0.01.21.6 1.50.3

2.82.5

0.51.61.31.5

0.60.1

0.1

0.30.5

0.7

0.60.40.2

0.6

1.8 4.1

0.5

1.41.3

0.3

0.30.5

0.52.2

2.2

0.8

6.0

0.3

0.6

0.1

0.7

3.1

0.91.2

0

1

2

3

4

5

6

7

8

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

LBO

Non-LBO

1.5

15.1

2.2 1.0

10.5

3.82.4

0.4 0.4 0.72.1 1.5

3.01.3 2.0 1.5 1.9 3.2

0.8 1.5 0.82.6

5.6

2.1 2.8 1.5 3.14.6 3.30.9

2.1

1.30.9

1.4

4.2

1.93.6

1.6 0.1

0.7 0.7 0.1 0.4 1.7 1.21.8 6.0

1.60.8

2.6

2.20.8 6.0

0.3

0.74.7

1.20

2

4

6

8

10

12

14

16

18

20

EU

R b

n

LBO

Non-LBO

M&A high-yield bond issuance - Quarterly


An Acuris Company

72

Sponsored high-yield bond issuance - Monthly


1.20.7

0.3

1.4 1.2

5.1

2.82.1 2.0

1.0 0.7

2.6

0.2

4.4

0.5

2.1 1.8 1.40.4 0.4 0.0 0.1 0.5

2.6

0.51.3

0.5

3.2

5.1

0.90.0

4.2

2.1

0.6

6.5

2.9

0.2 0.4

2.51.5 1.4

2.73.4

2.0 1.9

0

1

2

3

4

5

6

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

2.3

5.3

3.2

1.0

3.0

7.4

3.74.9

1.8 1.4 1.5

4.8 4.62.9 2.4

9.1

5.2

3.4

7.0

3.5

0.5

3.6 4.95.9 6.3

7.1

3.6

5.4

8.1

1.9

0

1

2

3

4

5

6

7

8

9

10

EU

R b

n

Sponsored high-yield bond issuance - Quarterly


An Acuris Company

73

High-yield bonds refinancing loans - Monthly


0.81.1

0.8

1.51.1

2.3

0.20.3

1.00.6

1.7

0.2

0.9

0.20.6

0.80.8

0.00.50.6 0.9

3.6

0.40.9

3.5

1.5

0.50.4

1.3

4.1

0.0

3.9

0.0

1.4

0.0

3.2

1.6

3.4

2.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Ma

y-1

7

Jun

-17

Jul-

17

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Fe

b-1

8

Ma

r-1

8

Ap

r-1

8

Ma

y-1

8

Jun

-18

Jul-

18

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

EU

R b

n

4.0

1.8 1.3 1.10.1

1.40.2

6.0

3.8

0.61.6

3.32.2

3.6

1.9 1.9 1.6 1.70.0 1.1 0.9

4.8 5.0

2.2

8.0

1.4

8.2

2.6

0

1

2

3

4

5

6

7

8

9

EU

R b

n

High-yield bonds refinancing loans - Quarterly


An Acuris Company

74

Reverse Yankee high-yield bond issuance


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

EU

R b

n


An Acuris Company


No. BorrowerCountry of

riskSector UoP Rating Size Seniority Maturity IPTs Priced Bookrunners Close date

1Lonza Specialty

IngredientsSwitzerland

Chemicals and materials

LBO B/B3/-USD

350m/EUR 460m

senior secured/unsec

ured2027/2028 4.875% area 4.75%/5.25% DB, UBS 30-Apr

2 Standard Profil Germany Automotive Refinance B-/B3/- EUR 275m senior secured 2026 - 6.25% MS, CS 30-Apr

3 Consolis France Construction Refinance B-/B3/- EUR 300m senior secured 2026 6% area 5.75% BNP 29-Apr

4 Kedrion Italy Biotechnology Refinance B/B1/- EUR 410m senior secured 2026 high 3% 3.375% BNP, JPM 29-Apr

5 SFL Corporation Norway Transportation Refinance - USD 150msenior

unsecured2026 7.25-7.375% 7.25% DNB, Arc, Parteo 29-Apr

6ZF

FriedrichshafenGermany Automotive GCP - EUR 500m

senior unsecured

2027 2.25%-2.375% 2% yield ING, BNP, LBBW, UC 28-Apr

7 Center Parcs UK Leisure Refinance B-/-/B GBP 255m senior secured 2027 5% area 4.5% Barc, HSBC 28-Apr

8 Birkenstock GermanyConsumer:

OtherLBO B+/-/B- EUR 430m

senior unsecured

2029 - 5.25% GS 27-Apr

9 Rexel FranceConsumer:

RetailRefinance BB-/Ba3/- EUR 300m

senior unsecured

2028 mid 2% area 2.125% CA, HSBC, SG 27-Apr

10 Picard FranceConsumer:

FoodsDividend

RecapB/B3/B EUR 1.71bn

senior secured/unsec

ured2028/2029 - - GS, CS 23-Apr

11Jazz

PharmaceuticalsUSA

Medical: Pharmaceuticals

Acquisition BB-/Ba2/BB+ USD 1.5bn senior secured 202900.00% - 4.375% BofA 23-Apr

12 HSE GermanyConsumer:

OtherDividend

RecapB/B2/- EUR 630m senior secured 2025 -

5.625%, E+ 575bps and 99.5

DB 23-Apr

13 Oriflame SwitzerlandConsumer:

OtherRefinance B+/B1/BB- EUR 709m senior secured 2026 -

5.125%, E+ 425bps and par

GS, SEB 23-Apr

14 Aeroporti di Roma Italy Transportation GCP BB+/Baa3/BBB- EUR 500msenior

unsecured2031 MS+ 210bps

98.839, 1.875% yield

Barc, BofA, CA, GS, IMI, Medio, SG, UC

22-Apr

15 Gruenenthal GermanyMedical:

PharmaceuticalsAcquisition B+/B1/BB+ EUR 650m senior secured 2026/2028 - 3.625%/4.125% DB, GS, BNP 22-Apr

16 Mytilineos GreeceIndustrial

products and services

Refinance BB-/-/BB EUR 500msenior

unsecured2026 mid 2% 2.25% BNP, Citi, HSBC 22-Apr

17 CBR Fashion GermanyConsumer:

RetailRefinance B/B2/- EUR 470m senior secured 2026 high 5% 5.5% JPM 21-Apr

18 Adler Group Germany Real Estate Refinance BB+/-/- EUR 500msenior

unsecured2027 2.875% area

98.625, 2.25% coupon, 2.5% yield

JPM 20-Apr

19 Dufry SwitzerlandConsumer:

RetailRefinance B+/B1 EUR 1bn

senior unsecured

2028/2026 - 3.375%, 3.625%BBVA, BofA, BNP,

HSBC, ING, UC, CS, DB, GS, Med, UBS

16-Apr

20 Seaspan Hong Kong Transportation Refinance - USD 300msenior

unsecured2026 6.37%-6.5% 6.5%, par DNB, Fearnley 16-Apr

75

Recently closed high-yield bond deals issued in YTD 2021


An Acuris Company

High-yield bond pricing

April 2021

An Acuris Company

77

Fixed rate / Floating rate breakdown – 2021 to date


93%

7%

Fixed Rate

Floating Rate


An Acuris Company

78

New issue high-yield bond pricing* – Fixed-rate bonds

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

All

Sr. Unsecured

Sr. Secured

We

igh

ted

Av

g. Y

ield

to

Ma

turi

ty (%

)

*where yield to maturity available



An Acuris Company

79

High yield bond pricing – Fixed-rate bonds

3%

4%

5%

6%

7%

2015 2016 2017 2018 2019 2020 2021 to date

All

Sr. Unsecured

Sr. Secured

We

igh

ted

Av

g. Y

ield

to

Ma

turi

ty (%

)

*EUR issues only



An Acuris Company

High-yield bond stats by industry

April 2021

An Acuris Company

Industry Amount iss. (EURbn) No. of deals Share of iss. (%) Share of deals (%) Wtd. avg. YTM (%)

Industrials & Chemicals 10.93 23 18.85% 17.86% 3.57%

Consumer 8.49 16 13.11% 13.87% 4.17%

Business Services 6.55 9 7.38% 10.71% 5.45%

Transport 6.35 11 9.02% 10.38% 3.63%

Telecommunications 5.03 5 4.10% 8.22% 3.34%

Financial Services 4.45 9 7.38% 7.27% 3.13%

Energy, Mining & Utilities 4.36 12 9.84% 7.12% 6.00%

Real Estate 3.84 15 12.30% 6.28% 3.13%

Pharma, Medical & Biotech 3.61 7 5.74% 5.91% 3.93%

Technology 3.00 2 1.64% 4.90% 1.73%

Construction 2.28 6 4.92% 3.72% 3.41%

Media 1.44 3 2.46% 2.36% 4.50%

Leisure 0.68 3 2.46% 1.10% 5.53%

Utilities (other) 0.17 1 0.82% 0.28% 4.37%

81

High-yield bond issuance by broad sector – YTD 2021



An Acuris Company

High-yield bond stats by country of risk

April 2021

An Acuris Company


Country Amount iss. (EURbn) No. of deals Share of iss. (%) Share of deals (%) Wtd. avg. YTM (%)

Germany 11.55 13 18.9% 10.7% 4.0%

United Kingdom 10.94 23 17.9% 18.9% 4.6%

France 10.25 15 16.7% 12.3% 4.2%

Italy 8.88 13 14.5% 10.7% 2.6%

Sweden 4.40 21 7.2% 17.2% 4.3%

Spain 3.53 5 5.8% 4.1% 2.3%

Netherlands 2.88 8 4.7% 6.6% 4.5%

Switzerland 2.73 5 4.5% 4.1% 4.9%

Luxembourg 2.32 1 3.8% 0.8% 3.2%

Greece 1.52 4 2.5% 3.3% 4.1%

Norway 1.15 10 1.9% 8.2% 5.7%

Finland 0.89 3 1.5% 2.5% 3.6%

Denmark 0.15 1 0.2% 0.8% -

83

High-yield bond issuance by country – YTD 2021


An Acuris Company

Secondary market high yield bond snapshot

April 2021

An Acuris Company

0

200

400

600

800

1,000

STW

EUR - Cable & Telecom - STW EUR - Healthcare - STW EUR - Paper & Packaging - STW EUR - Power, Utilities & Infrastructure - STW

Defensive Sectors (STW)

Source: Credit Rubric More in-depth analysis on the European high yield bond market is available on Credit Rubric

European Leveraged Insights –April 2021

https://www.creditrubric.com/company

An Acuris Company

0

200

400

600

800

1,000

1,200

1,400

1,600

STW

EUR - Consumer Goods - STW EUR - Financial Services - STW EUR - Retail - STW EUR - Leisure - STW

Consumer Cylicals (STW)




An Acuris Company

0

200

400

600

800

1,000

1,200

1,400

1,600

STW

EUR - Diversified & Other Industrial - STW EUR - Chemicals - STW EUR - Automotive & Aerospace - STW EUR - Business Services - STW

Industrial Cylicals (STW)




An Acuris Company

88

HY bond yields continue to tighten

Source: ICE BofA Euro High Yield Bond Index


1

3

5

7

9

11

13

Jan

-19

Fe

b-1

9

Ma

r-1

9

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct

-20

No

v-2

0

De

c-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-2

1

Yie

ld (%

)

HY bond index

BB bonds

B bonds

An Acuris Company

ISIN Issuer Maturity Coupon CurrencyAmount

OutstandingDefaulte

dYTM Price Price at prior month end % Change

NO0010607435 Polarcus Ltd 03/30/2022 5.6 USD 59100000 Y 0% 25.5 17.5 46%

FR0011801596 Rallye 04/02/2021 4 EUR 470360301 Y 0% 38.25 29.7584 29%

XS1513776614 CODERE FIN 2 LUXEMBOURG SA 11/01/2023 11.625 USD 300000000 N 30% 69.5625 55.19688 26%

XS1513765922 CODERE FIN 2 LUXEMBOURG SA 11/01/2023 10.75 EUR 500000000 N 29% 69.375 55.28571 25%

FR0012017903 Rallye 01/31/2022 3.4 EUR 88041026 Y 0% 36.83333 29.7 24%

XS1361301457 MOBY SPA 02/15/2023 7.75 EUR 300000000 Y 0% 30.5 25.05 22%

XS1756324684 MATALAN FIN PLC 01/31/2024 9.5 GBP 130000000 N 32% 61.18182 51.625 19%

US29273EAA64 ENDO DESIGNATED ACTIVITY CO 02/01/2025 6 USD 21578000 N 10% 86.88125 74.79375 16%

FR0010154385 CASINO GUICHARDPERRACHON 12/31/2099 EUR 600000000 N 0% 45.61 39.4143 16%

XS1645764694C MURATORI CEMENTISTI CMC DI

RAVENNA S C08/01/2022 6.875 EUR 250000000 Y 0% 3.1 2.75833 12%

XS1645764777C MURATORI CEMENTISTI CMC DI

RAVENNA S C08/01/2022 6.875 EUR 250000000 Y 0% 3.1 2.75833 12%

XS1756356371 Selecta Group BV 02/01/2024 5.875 EUR 865000000 Y 0% 50.75 45.7625 11%

XS1685704576 Intralot Cap Luxembourg SA 09/15/2024 5.25 EUR 500000000 N 21% 62.54071 57.85 8%

FR0011606169 CASINO GUICHARDPERRACHON 12/31/2099 EUR 750000000 N 0% 74.97204 69.49377 8%

PTTAPDOM0005 TAP TranTAPTRA 12/02/2024 5.625 EUR 375000000 N 11% 83.84167 78.18357 7%

FR0012188456 VALLOUREC 09/30/2024 2.25 EUR 500000000 N 3% 98.375 92.25 7%

XS1807435026 VALLOUREC 10/15/2023 6.375 EUR 400000000 N 6% 100.46 94.25 7%




XS1756324924 MATALAN FIN PLC 01/31/2023 6.75 GBP 350000000 N 12% 91.82656 86.69444 6%

US639365AG06 Navios Maritime Hldgs Inc 01/15/2022 7.375 USD 614300000 N 36% 83.5625 79.1875 6%

FR0013285046 VALLOUREC 10/04/2022 4.125 EUR 249999998.3 N 0% 6.77 6.45625 5%

XS1577963058 Norican AS 05/15/2023 4.5 EUR 340000000 N 6% 96.87188 92.76563 4%

US893817AA41 Transocean Inc 04/15/2027 7.45 USD 52544000 N 21% 55.1 52.875 4%

89

HY Bond Biggest monthly ADVANCERS


Source: Markit, Based on actively traded bonds in the Debtwire coverage universe

An Acuris Company

90

HY Bond Biggest monthly DECLINERS


Source: MarkitBased on actively traded bonds in the Debtwire coverage universe

ISIN Issuer Maturity Coupon CurrencyAmount

OutstandingDefaulte

dYTM Price Price at prior month end % Change

XS1071420027 Galapagos Hldg SA 06/15/2022 7 EUR 250000000 Y 0% 1 6 -83%

XS1028948047 Pizzaexpress Fing 1 PLC 08/01/2022 8.625 GBP 128137000 Y 0% 1.0625 1.585 -33%

XS1647645081 HEMA BondCo II BV 01/15/2023 8.5 EUR 150000000 N 684% 1.125 1.5 -25%

XS1074643013 OFFICINE MACCAFERRI SPA 06/01/2021 5.75 EUR 190000000 N 0% 22.5 29.5 -24%

US458204AQ79 INTELSAT LUXEMBOURG SA 06/01/2023 8.125 USD 1000000000 Y 0% 3.6425 4.51667 -19%

XS1756722069 KME SE 02/01/2023 6.75 EUR 300000000 N 20% 80.85625 85.57789 -6%

US91889DAF33 VALARIS PLC 10/01/2044 5.75 USD 1000500000 Y 0% 10.8 11.40938 -5%

US91889DAA46 VALARIS PLC 03/15/2021 4.7 USD 100700000 Y 0% 10.8 11.375 -5%

US91889DAB29 VALARIS PLC 10/01/2024 4.5 USD 303358000 Y 0% 10.8 11.375 -5%

US91889DAC02 VALARIS PLC 01/31/2024 8 USD 332048000 Y 0% 10.8 11.375 -5%

US91889DAD84 VALARIS PLC 03/15/2025 5.2 USD 333742000 Y 0% 10.8 11.375 -5%

US91889DAE67 VALARIS PLC 02/01/2026 7.75 USD 1000000000 Y 0% 10.8 11.375 -5%

US893817AB24 Transocean Inc 04/15/2027 8 USD 21545000 N 24% 50.65 53.025 -4%

XS1589970968DISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA04/06/2023 0.875 EUR 30800000 N 28% 63.5 65.5 -3%

XS1423779187 EA PARTNERS II BV 06/01/2021 6.75 USD 500000000 Y 0% 44.5 45.63333 -2%

US29273EAC21 ENDO DESIGNATED ACTIVITY CO 07/15/2023 6 USD 56436000 N 12% 88.77083 90.8125 -2%

XS1713465927 NOVAFIVES 06/15/2025 EUR 275000000 N 0% 88.79483 90.62182 -2%

XS1729059862 Raffinerie Heide GmbH 12/01/2022 6.375 EUR 250000000 N 16% 86.65 88.13636 -2%

XS2067265392 Summer BC Holdco A Sa rl 10/31/2027 9.25 EUR 428000000 N 8% 106.08615 107.86 -2%

XS1713466222 NOVAFIVES 06/15/2025 5 EUR 325000000 N 7% 91.97135 93.49615 -2%

US63938MAD83 Navios Maritime Acquisition Corp 11/15/2021 8.125 USD 670000000 N 70% 75.95 77.12083 -2%

XS1028948559 PIZZAEXPRESS FING 2 PLC 08/01/2021 6.625 GBP 465000000 N 239% 64 64.5 -1%

FR0012369122 CASINO GUICHARDPERRACHON 02/07/2025 3.58 EUR 369900000 N 4% 97.42633 98.0211 -1%

XS2069326861 EVOCA SPA 11/01/2026 EUR 550000000 N 0% 93.75722 94.32944 -1%

FR0011765825 CASINO GUICHARDPERRACHON 03/07/2024 4.498 EUR 611100000 N 4% 102.5681 103.09789 -1%

An Acuris Company

91

DEBTWIRE SALES

Angus Codd, Head of Sales, Debtwire EMEA+44 (0)20 3741 1002,

[email protected]

European Leveraged Insights

April 2021

DEBTWIRE PAR

Darren Maharaj, Global Head of Fixed Income Data,

[email protected]

Jason Huang-Jones, Head of APAC Fixed Income Data,

[email protected]

Nancy Tai, Head of Americas Fixed Income Data,

[email protected]

Ben Watson, Senior Market Analyst

[email protected]

Vincent Daigger Senior Market Analyst

[email protected]

Mario Mariott, Senior Market Analyst

[email protected]

Manohar Vasnani, Senior Analyst

[email protected]

Shivraj Shetty, Senior Analyst

[email protected]

mailto:[email protected]









An Acuris Company

EMEA

10 Queen Street Place

London

EC4R 1BE

United Kingdom

+44 (0)203 741 1000

[email protected]

Asia

Suite 1602-6

Grand Millennium Plaza

181 Queen’s Road

Central Hong Kong

+ 612 9002 3131

[email protected]

Americas

1501 Broadway

8th Floor

New York

NY 10036

NY 10013 USA

+1 212 500 7537

[email protected]

Disclaimer

We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.

Debtwire is an Acuris company

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