Ten years on: The surprising resilience of European leveraged finance

LBOs and CLOs boost the market

• European loans backing LBOs are valued at €56.5 billion, up 37 per cent from last year • Cov‑lite deals dominate the loan market, with the share of cov-lite institutional loans standing at 81 per cent in 2018 • CLOs are driving the demand for the asset class, with a new post-crisis record of €27.2 billion of new issuance and a further €18 billion of reset/refinance issuance in 2018