Baker Mckenzie：2023杠杆融资年度报告-年度回顾与十大预测（英文版）（13页）.pdf

1、Leading and closing complex deals every dayIn the Know:Leveraged Finance Annual Report 2023Our annual review and 10 predictions for 2023Return to ContentsContents2022:The Year in Review 12023:Ten Predictions for the EMEA Leveraged Finance Market 5Contributing Authors 9Return to ContentsIn 2022,the l

2、everaged finance market saw one of the largest contractions in high-yield bond offerings and leveraged loans in over a decade.This contraction was mainly due to uncertainty in the global markets caused by factors including interest rate hikes,inflationary pressure and geopolitical unrest.As traditio

3、nal international capital markets remained mainly closed,market participants turned to alternative sources of funding such as private debt or bespoke local solutions to meet their financing needs.ESG continued to be at the top of everyones minds,as borrowers continued to enhance their reporting and

4、regulators their scrutiny.Despite the crypto winter,the use of DLT based technology in debt capital markets continued to grow with a number of landmark digital bonds issuances coming to market as the year progressed.The past year saw the largest drop in global transactional activity since the 2008 f

5、inancial crisis across the board,with international capital markets effectively closed to new issuance in Europe for the longest period on record(including following the 2008 financial crisis)following the invasion of Ukraine by Russia.Other macroeconomic factors,such as rapid and steep interest rat

6、e hikes throughout the year and inflationary pressures(and the related market uncertainty),also put downward pressure on the markets which had seen a flurry of activity in 2020 and 2021.Product mix between high-yield and Term Loan B borrowings remained in line with past trends,with high-yield bonds