During 2015, the European market saw a weakening in performance across the large cap loan and bond markets as a consequence of ongoing macro concerns, choppy equity markets and oil price volatility. These market conditions have locked distressed companies out of the bond market and have pushed investment grade companies to turn to the private placement markets.
Traditionally a form of US financing provided by US insurance companies and pension funds for decades in the US, this is increasingly being used in Europe. Importantly, the private placement market has remained open throughout the recent financial crisis.