“High yield’s emergence as a competitor to bank finance as a primary source of capital, the growth of alternative capital providers and new structures for the legacy loan market all contribute to increasing choice for borrowers,” the report said.European leveraged loan allocations reached €116bn in 2014, an increase from around €80bn, and high-yield from from around €83bn to €97bn as US issuance also grew, albeit at a slower pace.The report described recent changes in the European leveraged debt market as a “huge upheaval”, with new legal precedents in covenants and incurrence-based covenants.White & Case said the European market would continue its growth, as 2014’s low-yield environment continued with companies refinancing bonds in call periods at much lower coupons.David Becker, a partner, said: “It is coming of age now as its investor pool has become increasingly sophisticated, providing funding across the loan and bond spectrum.”More M&A activity across the world also helped fuel the leveraged loans market while high-yield issuance in the second quarter of 2014 was 90% higher than a year earlier, with a 116 deals from a year total of 269.In the first half of the year, values and volumes were higher in most Western European countries, the report said, with the UK & Ireland leading high-yield issuance and France leveraged loans.The second quarter was the busiest period in both asset classes as investors clamoured into high-yielding fixed income.However, the retreat of banks, often cited as a growth factor in the markets, also began to cause concern among investors as Q3 began.European pension funds were among those moving into sub-investment grade corporate debt as investment managers became concerned over liquidity in the market and pricing bubbles forming in the first half of the year.At the start of Q3, Mike Karpik, chief executive at State Street Global Advisers, described the high-yield market of showing “pockets of euphoria” with liquidity in the market a major concern.UBS Global Asset Management also began to change the structure of its tacitical asset allocation strategy with liquidity a key concern.These concerns were demonstrated in market volumes with Q2 saw peak issuance for both high-yield and leveraged loans in Europe, a factor not seen in the US, or in previous years within the continent.Issuance fell for the remainder of the year but still supported the record-level market.For more on the high-yield bonds, read IPE’s previous coverage of the market Issuance of high-yield and leveraged loans reached record levels in 2014, backed by change in the way deals are structured for investors.A report, ‘The changing face of international leveraged debt’, by law firm White & Case said these record levels came as market makers experienced strong demand, aided by a convergence in deal structure between the US and Europe.The law firm said European corporates had adopted “US-style” terms, making deals less restrictive and more borrower-friendly.“European corporates and sponsors now have a broader range of financial products available to them than ever before.
The Ultimate Strikers Academy graduate started his European career with Bundesliga club Wolfsburg in 2017 before he teamed up with Belgian side Sporting Charleroi. The forward’s impressive showings with Sporting earned him a move to Lille, where he enjoyed success during his one-year stay. read also:Victor Osimhen gets new apartment in Naples Osimhen is a prominent member of the Nigeria national team and was part of Gernot Rohr’s side that finished third at the 2019 Africa Cup of Nations in Egypt. The forward has made nine appearances and scored four goals for the Super Eagles since he made his debut against Togo in 2017. Osimhen will be expected to lead Nigeria’s campaign in the Africa Cup of Nations and World Cup qualifiers. FacebookTwitterWhatsAppEmail分享 Loading… Napoli manager Gennaro Gattuso has urged Victor Osimhen to continue with his eye-catching performances for the club. The 21-year-old forward has been turning heads for the Parthenopeans since his big-money move from French side Lille in July. The striker bagged an eight-minute hat-trick in their pre-season friendly against L’Aquila and continued his fine start to life at Stadio San Paolo against Teramo. Gattuso, who has been impressed with the centre-forward, has advised the Super Eagles star not to soft-pedal on his form as he hopes he will replicate his pre-season performances when the 2020-21 campaign gets underway. “Osimhen is a quiet guy who has to work a lot. He has a lot of physicalities, but he doesn’t have to be satisfied,” Gattuso told Radio Kiss Kiss. “The goals he scores right now don’t count for anything, but he fits in very well with the team. He jokes with everyone and makes himself loved.” Osimhen will hope to hit the ground running for Napoli in their opening Serie A game of the season against Parma on September 20.Advertisement Promoted ContentWhich Country Is The Most Romantic In The World?9 Facts You Should Know Before Getting A TattooBest & Worst Celebrity Endorsed Games Ever MadeWhat Are The Most Delicious Foods Out There?Best Car Manufacturers In The WorldWho’s The Best Car Manufacturer Of All Time?What Happens To Your Brain When You Play Too Much Video Games?11 Most Immersive Game To Play On Your Table TopThe Best Cars Of All TimeCouples Who Celebrated Their Union In A Unique, Unforgettable Way8 Things That Will Happen If An Asteroid Hits EarthWho Earns More Than Ronaldo?
With pre-season training set to begin, Finn Harps have announced seven pre-season friendlies which will take place over the next couple of months ahead of the new season.The fixtures will give new Harps boss Ollie Horgan the first chance to see his squad in match action since being appointed last November.The fixtures will begine on 19th January against Cockhill Celtic and will see Harps also play Drumkeen United, Cork City, Sligo Rovers, the Irish Schools team, Dundalk and UCD. The full list of confirmed fixtures is:Sunday Jan 19th v Cockhill Celtic (away)Wednesday Jan 22nd v Drumkeen United (away)Sunday 2nd Feb v Cork City (Galway) Tuesday 4th Feb v Sligo Rovers (home)Wednesday 19th Feb v Irish International Schools Team (home)Friday 28th Feb v Dundalk (away)Harps will also face UCD with the date and venue still to be confirmed. HARPS ANNOUNCE PRE-SEASON FRIENDLY FIXTURES was last modified: January 6th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:finn harpsPRE-SEASON FIXTURES