Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Challenging Market Conditions 42 Leveraged Finance Trends • January 2022 optimism gave way to slow primary issuance for the remainder of 2022 • HY volumes in 2022 down approximately 80% from 2021 • European loan volumes in 2022 down approximately 37% from 2021 • Approximately 32 high yield issuances in Europe in 2022 • Liability management – alternative to primary issuances • At first glance, conditions looked ripe for lender pushback and documentation tightening