| Confidential MB Special Opportunities Fund, L.P. June 2011 1 MB Special Opportunities Fund, L.P. June 2011 Maturity Extensions Maturity Wall Remains Massive, Even After Extensions $398 billion of loan maturities in 2011 to 2014 have been pushed out Booming high yield market refinancing maturing bank debt Note: Maturity schedule as of April 29, 2011. Volumes are in US$ billion. Source: Credit Suisse, May 2011 Leveraged Finance Strategy Update. Overall Change in Maturity Schedule From YE 2008 2011 2012 2013 2014 2015 2016 2017 2018 or later ($300) ($150) $0 $150 $300 ($95) ($110) ($189) ($147) $31 $159 $177 $250 $ in billions Change in High Yield Bond Maturity Schedule Change in Loan Maturity Schedule $ in billions 2011 2012 2013 2014 2015 2016 2017 2018 or later ($250) ($125) $0 $125 $250 ($47) ($30) ($43) ($23) $16 $45 $81 $208 2011 2012 2013 2014 2015 2016 2017 2018 or later ($200) ($100) $0 $100 $200 ($48) ($80) ($146) ($124) $15 $114 $96 $42 $ in billions
Maturity Extensions. Maturity Wall Remains Massive, Even After Extensions $398 billion of loan maturities in 2011 to 2014 have been pushed out Booming high yield market refinancing maturing bank debt. Overall Change in Maturity Schedule From YE 2008. $ in billions. - PowerPoint PPT Presentation
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| Confidential
MB Special Opportunities Fund, L.P.June 2011
1
MB Special Opportunities Fund, L.P. June 2011Maturity Extensions
Maturity Wall Remains Massive, Even After Extensions $398 billion of loan maturities in 2011 to 2014 have been pushed out Booming high yield market refinancing maturing bank debt
Note: Maturity schedule as of April 29, 2011. Volumes are in US$ billion.Source: Credit Suisse, May 2011 Leveraged Finance Strategy Update.
Overall Change in Maturity Schedule From YE 2008
2011 2012 2013 2014 2015 2016 2017 2018 or later
($300)
($150)
$0
$150
$300
($95) ($110) ($189) ($147) $31
$159 $177 $250
$ in
bill
ions
Change in High Yield Bond Maturity ScheduleChange in Loan Maturity Schedule
$ in
bill
ions
2011 2012 2013 2014 2015 2016 2017 2018 or later
($250)
($125)
$0
$125
$250
($47) ($30) ($43) ($23) $16 $45
$81
$208
2011 2012 2013 2014 2015 2016 2017 2018 or later
($200)
($100)
$0
$100
$200
($48) ($80) ($146) ($124)$15
$114 $96
$42
$ in
bill
ions
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MB Special Opportunities Fund, L.P.June 2011
2
MB Special Opportunities Fund, L.P. June 2011Remaining Maturity Schedule
$1.2 trillion Expected to Need Refinancing from 2012 through 2017
Note: Maturity schedule as of April 29, 2011. Volumes are in US$ billion.Source: Credit Suisse, May 2011 Leveraged Finance Strategy Update.
2011 2012 2013 2014 2015 2016 2017 2018 or later$0
$50
$100
$150
$200
$250
$22 $34
$47
$81
$135 $133 $146
$208
$5
$28
$78
$166
$82
$133
$97
$42
High Yield Bank Loans
$ in
bill
ions
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MB Special Opportunities Fund, L.P.June 2011
3
MB Special Opportunities Fund, L.P. June 2011European Maturity Schedule
€309 billion Expected to Need Refinancing from 2012 through 2017
Note: Maturity schedule as of April 29, 2011. Volumes are in € billion.Source: Credit Suisse, May 2011 Leveraged Finance Strategy Update.
2011 2012 2013 2014 2015 2016 2017 2018 or later€0