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Alternative Market Briefing

Other Voices: Active private equity firms buoy buyout issuance

Thursday, November 25, 2021

By: Jeremy Duffy, Martin Forbes, Eliza McDougall, Justin Wagstaff

Buyouts are back in a big way. Private equity (PE) firms around the world hit the market with purpose in 2021 and that momentum could carry into 2022.

Issuance of high yield bonds and leveraged loans for buyout deals in the US and Western and Southern Europe, combined, totaled US$243.4 billion in the first nine months of 2021-more than double the US$120 billion posted in the regions during the same period in 2020. Such is the strength of the market this year that, with a quarter of 2021 still to go, issuance for buyouts already passed the US$182.7 billion secured during all of 2020.

In the US, buyout issuance of high yield bonds and leveraged loans came in at US$90.2 billion in Q3 2021-the highest quarterly total for such issuance in the region on Debtwire Par record, going back to 2015. There was already US$182.4 billion in buyout issuance in the US in the first nine months of the year, and the market is on track to top 2018, the previous record year (US$192.9 billion).

In Western and Southern Europe, issuance intended for buyouts reached US$61 billion by the end of Q3, up 24% on all of 2020 and already the second-highest total issuance for buyouts in the region since 2015.

In the Asia Pacific region (excl. Japan) (APAC), buyout issuance was similarly robust. Issuance of leveraged and non-leveraged loans and high yield bonds for buyouts totaled US$8.3 billion in Q3 2021, the highest quarter......................

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