AfE 2024
As the equity capital markets remained sluggish across Europe last year, financing activity was all about debt. So, it is perhaps no surprise that western Europe’s best bank for financing this year is the one that dominated the debt capital markets league tables working on 509 deals worth $128 billion equivalent for a 7% market share: BNP Paribas. Even in ECM, the French firm ranked number five behind sector leaders BofA Securities and Goldman Sachs.
Europe, Middle East and Africa (EMEA) loan market volumes were down 14%, while the number of deals was 24% lower compared with 2022. Refinancings remained the main driver, accounting for 55% of 2023 volumes versus 49% in 2022, with acquisition related loans accounting for just 9%.
“Refinancing flows doesn’t pay the bills. M&A pays the bills, and it was a poor year for M&A financings,” says Nicolas Rabier, co-head of investment grade finance loan capital markets, EMEA.