Moody’s: EMEA high-yield bond issuance grows year-on-year to $31 billion in Q1 2015
Peter Firth, Associate Managing Director in Moody's European - Miercoles, 22 de AbrilEMEA high-yield bond issuance hit $31 billion in the first quarter of 2015, slightly ahead of issuance volumes in Q1 2014 of $29 billion, says Moody's Investors Service in the April edition of its "High Yield Interest -- European Edition" publication.
"High-yield bond issuance volumes in March hit $11 billion, up from the low levels seen in February 2015 of $6 billion. While March volumes were down year-on-year, strong January issuance of $16 billion propelled overall issuance for the quarter to $31 billion," says Peter Firth, Associate Managing Director in Moody's European leveraged finance team.
However, compared to the same period in the previous year, the number and volume of first-time issuances fell sharply with only four first-time bond issuers in Q1 2015, accounting for a meagre $1.5 billion of issuance, compared with 14 first-time bond issuers in Q1 2014 with $7.6 billion of issuance. A similar theme was evident in the leveraged loan market, although the contrast was less pronounced. In both markets, volume was driven by repeat issuers seeking to reduce their cost of debt and extend maturities, taking advantage of QE-influenced lower interest rates in the euro area. In addition, new high-yield issuance from the euro-area periphery is unlikely to again hit the record volumes seen in 2014 as debt capital markets are more cautious with concerns over some euro area countries' sovereign creditworthiness re-emerging in 2015.
"High-yield bond issuance volumes in March hit $11 billion, up from the low levels seen in February 2015 of $6 billion. While March volumes were down year-on-year, strong January issuance of $16 billion propelled overall issuance for the quarter to $31 billion," says Peter Firth, Associate Managing Director in Moody's European leveraged finance team.
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