Debt Market Update: Q4 2015

Debt Market Update: Q4 2015

The syndicated loan market picked up a little in the final quarter of 2015, although this was coming off a reduced baseline in the September quarter. Quarterly loan volume was up 7.5 percent to US$22.3 billion across 48 transactions. The average deal size was US$429 million supported by 6 deals over the A$1.0 billion mark.

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Australian syndicated loan volume (US$b)

Source: Loan Connector (data extracted January 2016), KPMG Analysis

Year-on-year 2015 loan volume was well down on 2014 with a 25 percent reduction in total loan volume reported. In dollar terms, 2015 volume was US$79 billion against US$106 billion in 2014.

Key themes

  • Australian bank debt market – infrastructure acquisition finance is currently driving volume
  • Australian bond market – quiet quarter after Apple’s jumbo issuance
  • Interest rates – increase by the Fed has little impact on local market
  • Deal of the Quarter – Australian Unity’s Simple Corporate Bond
  • Pricing is edging up – we may have seen the bottom in late 2015.

Debt Market Quarterly Update

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