📈 What's going on in European High Yield?

> Leverage Levels are Steady !
> Debt-weighted leverage: 4.7x (flat QoQ).
> Median leverage rose to 4.3x, nearing 2021 peaks.
💡 CCCs continue to struggle with weaker metrics.
#HighYield #Leverage #EuropeanCredit

🚀 EBITDA Growth Highlights
>Revenue: +1% QoQ 📊
>EBITDA: +8%, led by TUI, Air France, and Hapag Lloyd.
⚠️ Half of companies reported EBITDA contraction.
#CorporateEarnings #HighYield

🏗️ Sector Watch: Industrials Struggle
>Higher leverage & weaker ratings migration.
>Consumer discretionary & TMT sectors show resilience.
💡 Diversified trends across European HY.
#SectorTrends #EuroCredit

💸 High Yield Issuance Rebounds
>€9bn in new issuance for Q3 2024. 📉
>September marked a strong month for activity post-summer.
#HYMarkets #IssuanceUpdate

⚖️ Rating Divergence Continues
>BB leverage: 3.6x (stable).
>CCC leverage remains elevated, interest coverage drops to 2.7x.
✨ Rating quality impacts market dynamics!
#HighYieldRatings #EuropeanCredit