Repricings were the talk of the European leveraged loan market during 2015's second quarter, largely because there was little else going on. M&A activity, often a main driver of volume, took much of the quarter off. Check out LCD's free web sites, LeveragedLoan.com and HighYieldBond.com http://www.leveragedloan.com http://www.highyieldbond.com/ * Job postings * Online Loan Market and High Yield Primer * News and analysis * Market Stats Connect with LCD Facebook: http://www.lcdcomps.com/facebook Like LCD on Facebook for monthly analysis on LBO/Private equity stats, as well as Default/Restructuring analysis. LinkedIn: http://www.lcdcomps.com/linkedin There are over 12,000 market contacts in LCD's Leveraged Loan Group Twitter: http://www.twitter.com/lcdnews News, commentary, other leveraged finance info Web: http://www.lcdcomps.com Contact: anna_cini@sandp.com @RuthMcGavin

1. €0B
€1B
€2B
€3B
€4B
€5B
€6B
€7B
€8B
€9B
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
Repricing loan volume

2. €0B
€5B
€10B
€15B
€20B
€25B
€30B
€35B
1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14 2Q15
M&A Other
New-issue loan volume

3. €0B
€1B
€2B
€3B
€4B
€5B
€6B
€7B
€8B
€9B
€10B
Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Monthly repayments

4. E+100
E+200
E+300
E+400
E+500
E+600
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15
Spread OID over 3 years Euribor floor benefit
Average all-in TLB spread of B-rated loans

5. 96.0
96.5
97.0
97.5
98.0
Dec 2014 Jan 2015 Feb 2015 Mar 2015 Mar 2015 Apr 2015 May 2015 Jun 2015
Weighted average bid of S&P ELLI

6. 0.0
0.5
1.0
1.5
2.0
2.5
Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15
European arbitrage CLO issuance