Last week we tuned into Fitch’s European Leveraged Finance Mid-Year Update. The discussion – covering the economy, ratings, and structures – was virtually indistinguishable from recent US market conferences. Apart from the distinguished accents.  

Volume, for example, has returned to pre-Covid levels. Terms, that were so investor-friendly a year ago, are now decidedly issuer-friendly. Price recovery is so complete, there’s nothing to tamp down frothy conditions.  

Our friends at Tikehau reported 1Q activity, combining both loans and bonds, was €80 billion; more than double 4Q’s performance...