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High-yield bond market still no alternative to loans for PE –<br />
Refinancing remains the primary aim of new bond issues<br />
Development of <strong>European</strong> debt capital markets – Debt availability and purpose<br />
EUROPEAN LEVERAGED LOAN VOLUMES [EUR bn, %] EUROPEAN HIGH YIELD BOND VOLUMES [EUR bn, %]<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
109<br />
106<br />
187<br />
2003 2004 2005<br />
218<br />
Source: SIFMA, S&P LCD, Roland Berger Research<br />
242<br />
CAGR: -30%<br />
89<br />
60<br />
84<br />
2006 2007 2008 2009 2010<br />
LBO<br />
share,<br />
refi<br />
share<br />
[%]<br />
200<br />
150<br />
100<br />
50<br />
0<br />
45 42 50 34 44 90 7 10<br />
12 11 7 19 13 23 52 75<br />
19<br />
2003<br />
28<br />
42<br />
2004 2005 2006 2007<br />
LBO Non-LBO<br />
28<br />
26<br />
CAGR: +15%<br />
2008<br />
30<br />
2009<br />
40<br />
2010<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 21<br />
6
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