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Margins have recovered despite sovereign debt worries – Due to<br />
low base rates, pricing is below bull market levels<br />
Development of <strong>European</strong> debt capital markets – Loan and bond pricing<br />
TOTAL LBO PRICING [bps]<br />
1,200<br />
1,000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
Q2<br />
03<br />
Q4<br />
03<br />
Q2<br />
04<br />
Q4<br />
04<br />
Q2<br />
05<br />
Avg. LBO margin<br />
Q4<br />
05<br />
Q2<br />
06<br />
Q4<br />
06<br />
Q2<br />
07<br />
Source: Loanconnector, Bloomberg, Roland Berger Research<br />
Q4<br />
07<br />
693<br />
Q2<br />
08<br />
Avg. 5-yr euro mid-swap rate<br />
775<br />
Q4<br />
08<br />
Q2<br />
09<br />
Q4<br />
09<br />
Q2<br />
10<br />
691<br />
Q4<br />
10<br />
BOND YIELDS FOR BBB RATED ISSUERS [bps]<br />
1.200<br />
1.000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
Q2<br />
03<br />
Q4<br />
03<br />
Q2<br />
04<br />
Q4<br />
04<br />
BBB spread<br />
Q2<br />
05<br />
Q4<br />
05<br />
Q2<br />
06<br />
Q4<br />
06<br />
Q2<br />
07<br />
932<br />
Q4<br />
07<br />
Q2<br />
08<br />
1,064<br />
Q4<br />
08<br />
Avg. 5-yr euro sovereign bond rate<br />
Q2<br />
09<br />
Q4<br />
09<br />
540<br />
483<br />
Q2<br />
10<br />
Q4<br />
10<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 22
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