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Global Loans Review | Full Year 2014 • Global Syndicated Loan Volume of $4.60tr the Second Highest Annual Total on Record
• EMEA Loan Volume up 22% Year‐on‐Year to $1.29tr, the Highest Since 2007 ($1.88tr)
• JPMorgan Topped the Global Syndicated Loan Bookrunner Ranking
Global Volume Corporate Borrowers
Global syndicated loan volume totaled $4.60tr in 2014, the second highest annual level on record behind 2007 ($4.89tr), and up 6% on 2013 ($4.35tr) Corporate* loan volume stood at $3.68tr in 2014, up 9% year‐on‐year ($3.38tr in 2013) and the highest annual level on record 4Q 2014 volume totaled $1.10tr, down 11% on 4Q 2013 ($1.22tr), although still the third highest 4Q volume on record
Volume was driven by 2Q volume of $1.10tr, making up 30% of the full year total. In contrast to this, $866.4bn was signed in 4Q 2014, which marked the lowest 4Q level since 2012 ($724.8bn) Average deal size reached $485m, the highest annual average since 2007 ($516m) Regional Volume Americas captured a 55% share of the global loan market with $2.53tr in 2014, up slightly from 2013 ($2.51tr) to reach the highest annual level on record With a 28% global share in 2014, EMEA volume of $1.29tr was up 22% year‐on‐year ($1.06tr) and at the highest annual level since 2007 ($1.88tr) Asia Pacific loans totaled $779.0bn, on par with the highest volume record set in 2013 ($779.0bn) Global Leveraged Finance Global leveraged finance volume (leveraged loans and high yield bonds) totaled $2.10tr in 2014, a 7% decline from record high set in 2013 ($2.26tr) Leveraged loan volume declined for the first year since 2009, totaling $1.62tr in 2014, although still the third highest volume on record Global Revenue Deals
5
10,000
4
8,000
3
6,000
2
4,000
1
2,000
0
0
2010
Global syndicated loan revenue totaled $17.0bn in 2014, down 14% on 2013 ($19.8bn), although higher than the $14.3bn generated in 2012 Leveraged loans ($12.4bn) accounted for 73% of global loan revenue, the lowest share since 2011 (64%). In contrast, Investment Grade loan revenue was up 21% year‐on‐year to $4.6bn in 2014 ($3.8bn in 2013), the highest level since 2011 ($6.4bn) Global Syndicated Loan Volume
Full Year Comparison
$tr
2011
Americas
2012
EMEA
2013
2014
Asia Pacific
Deals
Global Corporate Loan Volume
Full Year Comparison
$tr
%
14
4
Volume and Revenue Ranking JPMorgan led the global bookrunner ranking in 2014 with a 12.4% market share, followed by Bank of America Merrill Lynch and Citi with 10.2% and 6.4%, respectively JPMorgan also led the revenue ranking with a 9.5% wallet share. Bank of America Merrill Lynch (8.4%) and Deutsche Bank (6.6%) completed the top three *Excludes Trade, Project, FIG and SSA lending
12
3
10
8
2
6
4
1
2
0
0
2010
2011
Club
2012
Syndicated
2013
2014
% Club Loans
Dealogic Loans Review
Dealogic Loans Review | Full Year 2014
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Dealogic Loans Review | Full Year 2014 Final Results | January 2015
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