Increased confidence and appetite for risk developed in 2013 and has continued at pace into Q1 2014. 2013 brought us the highest annual new-issue loan volume in five years. This translated to an impressive year-on-year increase of 136% according to LCD S&P Capital IQ, cementing 2013 as the year of the return of the leveraged loan product. As the run of momentum continues, 2014 is so far not proving a disappointment. With €26.3 billion of leveraged loans issued in the first four months of 2014 alone, the heated market, intensified by an increasingly liquid investor base, has allowed borrower-friendly structures and pre-crunch aggressive deal terms to appear firmly back in focus. This article takes a look at some of the loan trends dominating the market so far this year.
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