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This Practice Note produced in partnership with Neil Grant summarises key trends affecting the leveraged finance market during the first half of 2017 and explains how loan documentation has evolved in response to those trends.
2017 has seen European Term Loan B (TLB) price at the lowest yields since the credit crunch and, importantly, lower than both high yield bonds and US. TLBs. Several factors have created a significant imbalance between the supply and demand for loan assets:
The downward pricing pressure has resulted in activity thus far in 2017 being dominated by loan repricing transactions, add-on facilities and recapitalisations.
During 2017 to date, attractive loan pricing has driven many borrowers to finance large transactions exclusively through the loan markets. Some high profile transactions even dropped anticipated bond tranches due to the demand for, and pricing of, their loan tranches. A number of borrowers who previously financed themselves through the bond market have even begun to move back to the loan market, unwinding the momentum in favour of bond financings that
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Miranda is a solicitor specialising in leveraged and acquisition finance. She trained at Hogan Lovells International LLP and qualified into the international banking and finance team. During her time at Hogan Lovells she worked on a variety of domestic and cross-border transactions, acting for both borrowers and lenders. She also experienced secondments to Barclays Bank PLC and Kaupthing Bank hf.
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