Managing through challenging times: The Future of Tax and ......Wilbert Kannekens. Head of Tax KPMG in the Netherlands. E: [email protected] Leif Zierz. Global Head of Deal

Managing through challenging times: The Future of Tax and LegalBusiness reorganization in the post Covid-19 world

Keeping Connected Global Tax & Legal & Mobility Virtual Meeting Series — Part 6

—

April 2020

Document Classification: KPMG Confidential

© 2020 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved 2© 2020 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

Topics for discussion

Agenda 1 Introductory Market Insights

2 Business and Corporate Reorganization

3 Debt Structures and Funding

4 Avoiding Trouble

5 Q&A

3© 2020 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

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Today’s presenters

Leif ZierzGlobal Head of Deal Advisory, KPMG International E: [email protected]

Arco VerhulstGlobal Head of M&A Deal Advisory, TaxKPMG InternationalE: [email protected]

David HeathcoteGlobal Head of Debt Advisory KPMG AustraliaE: [email protected]

Stuart FullerGlobal Head of Legal Services, KPMG InternationalE: [email protected]

Anna BalinskyPartner, Business Law and Managing PartnerKPMG Law LLP in CanadaE: [email protected]

Wilbert KannekensHead of TaxKPMG in the NetherlandsE: [email protected]

mailto:[email protected]

Introductory Market Insights

Leif ZierzGlobal Head of Deal AdvisoryKPMG InternationalE: [email protected]

Arco VerhulstGlobal Head of M&A Deal Advisory, TaxKPMG InternationalE: [email protected]

David HeathcoteGlobal Head of Debt Advisory KPMG AustraliaE: [email protected]

mailto:[email protected]


Eye of the storm: What we are seeing in the market right now

Very active M&A market52% growth of global annual M&A volume

since 2010 to $tn 4.1

Record amounts of PE dry-powderIncrease from $tn 1.2 to 2.5 since 2010,

historically unprecedented

High transactions multiplesIncrease from 8.5x to 11.5x since 2010 to

just below 2007 level

Low interest ratesDecline of interest rates from 3% to 1.5%

for 10y bonds since 2010

Sector disruption & convergence2x increase «corporate VC investment» ratio between 2013-2019

Since COVID-19:

Global M&A market crashes in Q1

Strong growth of corporate insolvencies predicted for 2020

Some sectors are hit significantly harder than others

Capital markets are defined by uncertainty, but not hopeless

IPO window is closed


Eye of the storm: How is tax and regulatory impacting the M&ATax is playing an important role in support measures

― Governments providing support to businesses in many countries

― Tax plays an important role in supporting liquidity

― Deferral for tax payments, carry back of losses, amortization and write-downs

― Asset managers increasingly involved in portfolio companies

Support does not come free

― Governments are imposing requirements on ability to use support measures

― Requirements regarding bonuses, dividends and paying fair share of tax including use of tax haven companies

― Particularly relevant for private equity

Governments will introduce/raise taxes to

fund the support measures

― During Global Financial Crisis taxation levels were increased and/or new taxes introduced for funding support measures

― Government deficits already double/triple deficit levels during GFC, so government will aggressively look for funding

― Increased taxation will impact transactions/valuations

Regulatory changes

― Despite government support, many companies may move into a distressed financial situation

― Governments announcing measures that require foreign investors (in key sectors) to request for regulatory approval

― Impact on transactions/valuations


Traditional debt markets sold off but liquidity prevails― Syndicated Loan Volumes have experienced a

decline in major markets in Q1 2020― Traditional markets sold off, but not to GFC levels― US market volumes more resilient potentially given

depth of the market and scale― EMEA sold off to near Q1 2010 levels― APAC (ex Japan) sold off to Q1 2012― Australia down to Q1 2015― Alternative credit markets have grown significantly

since 2008 to partially fill the gap left from the GFC― Alternative investors intention is to supplement

traditional lenders with more appetite for risk for higher return

― Credit metrics still need to hold up

Chart1

1Q201Q201Q201Q20

4Q194Q194Q194Q19

3Q193Q193Q193Q19

2Q192Q192Q192Q19

1Q191Q191Q191Q19

4Q184Q184Q184Q18

3Q183Q183Q183Q18

2Q182Q182Q182Q18

1Q181Q181Q181Q18

4Q174Q174Q174Q17

3Q173Q173Q173Q17

2Q172Q172Q172Q17

1Q171Q171Q171Q17

4Q164Q164Q164Q16

3Q163Q163Q163Q16

2Q162Q162Q162Q16

1Q161Q161Q161Q16

4Q154Q154Q154Q15

3Q153Q153Q153Q15

2Q152Q152Q152Q15

1Q151Q151Q151Q15

4Q144Q144Q144Q14

3Q143Q143Q143Q14

2Q142Q142Q142Q14

1Q141Q141Q141Q14

4Q134Q134Q134Q13

3Q133Q133Q133Q13

2Q132Q132Q132Q13

1Q131Q131Q131Q13

4Q124Q124Q124Q12

3Q123Q123Q123Q12

2Q122Q122Q122Q12

1Q121Q121Q121Q12

4Q114Q114Q114Q11

3Q113Q113Q113Q11

2Q112Q112Q112Q11

1Q111Q111Q111Q11

4Q104Q104Q104Q10

3Q103Q103Q103Q10

2Q102Q102Q102Q10

1Q101Q101Q101Q10

4Q094Q094Q094Q09

3Q093Q093Q093Q09

2Q092Q092Q092Q09

1Q091Q091Q091Q09

4Q084Q084Q084Q08

3Q083Q083Q083Q08

2Q082Q082Q082Q08

1Q081Q081Q081Q08

4Q074Q074Q074Q07

3Q073Q073Q073Q07

2Q072Q072Q072Q07

1Q071Q071Q071Q07

4Q064Q064Q064Q06

3Q063Q063Q063Q06

2Q062Q062Q062Q06

1Q061Q061Q061Q06

4Q054Q054Q054Q05

3Q053Q053Q053Q05

2Q052Q052Q052Q05

1Q051Q051Q051Q05

4Q044Q044Q044Q04

3Q043Q043Q043Q04

2Q042Q042Q042Q04

1Q041Q041Q041Q04

4Q034Q034Q034Q03

3Q033Q033Q033Q03

2Q032Q032Q032Q03

1Q031Q031Q031Q03

4Q024Q024Q024Q02

3Q023Q023Q023Q02

2Q022Q022Q022Q02

1Q021Q021Q021Q02

4Q014Q014Q014Q01

3Q013Q013Q013Q01

2Q012Q012Q012Q01

1Q011Q011Q011Q01

US

AsiaPac (ex-Japan)

Australia

EMEA

Syndicated Loan Volumes (US$bn)

507.6618430035

68.925

9.4595

143.56

518.6678076682

112.809

22.9182

268.18

502.4442282613

115.848

15.3343

220.09

647.3847221651

121.789

20.257

253.17

447.0755427127

113.79

17.4427

243.03

659.7302013023

124.558

25.7218

258.62

488.3800490753

104.717

16.4979

204.99

870.3432952426

130.432

36.4112

280.9

621.9152595216

125.115

16.903

305.43

653.3279910482

118.015

19.7892

214.21

538.6478726095

94.338

21.8233

181.86

703.9646409915

136.096

30.0894

230.89

604.3506797867

96.861

10.0651

267.21

582.6827527394

103.137

29.3311

241.89

440.0211007525

115.462

13.9101

209.22

610.1690444969

137.023

14.2764

267.47

356.5264739658

107.153

15.2789

195.53

496.6323385751

105.04

22.253

408.2

536.4172253963

124.278

20.7014

220.51

574.4390946177

131.156

26.6475

265.11

383.7499683205

110.787

9.8509

269.12

579.5078047493

138.852

34.7785

265.4

452.4055140717

131.64

22.4395

299.41

597.8942722752

141.432

34.8724

392.99

479.5225834504

110.995

13.9174

209.15

550.9772362377

142.978

47.0201

240.95

516.0081586738

107.354

13.538

237.7

602.0755893325

124.503

29.848

214.04

469.4739003078

87.068

9.4926

237.57

490.9899080761

86.361

27.627

153.69

337.8064722316

77.907

15.9144

160.63

400.5184981024

80.168

22.762

224.57

346.38684293

62.211

13.8346

164.4

462.5358599117

73.974

32.0463

249.58

432.8718499705

94.619

31.1449

260.13

568.480892439

98.786

26.045

287.53

393.8618956098

74.106

17.9658

237.45

348.4265954906

84.788

30.3691

282.61

245.4107918282

58.521

11.3584

238.38

323.7060779687

77.768

17.2074

233.86

168.1576595415

47.462

5.4764

155.13

174.2836957608

54.346

22.399

154.06

97.6803846556

44.528

16.185

111.8

158.4731089149

32.179

6.716

198.25

116.6838225008

39.868

8.141

184.01

111.7930412176

36.772

9.294

173.97

224.9166608763

64.691

17.37

174.12

248.1748139374

65.875

20.926

308.28

179.0952391016

67.981

19.666

220.16

324.8269991552

78.073

37.9474

361.9

407.3753107028

87.841

29.3075

422.32

581.7630989978

73.765

26.5229

518.75

372.8445939481

48.72

16.7192

303.06

401.4626691994

64.73

19.0169

372.17

376.7876195748

59.116

15.1431

244.85

532.2816695365

72.577

23.194

270.16

361.9613682442

33.823

6.654

333.76

416.453465945

40.848

17.55

360.89

344.8729339794

41.198

11.661

294.53

459.288383975

42.958

14.335

358.29

273.9733902979

23.387

7.287

248.14

371.3783213873

44.92

15.351

293.9

310.1451751168

38.12

15.434

213.13

460.6756407601

32.35

10.588

231.06

205.4892230279

20.617

4.692

128.21

244.3561024346

27.589

12.154

161.51

200.5304270822

19.628

4.304

133.13

300.3000799552

20.129

6.574

189.33

184.7051106333

13.037

2.188

129.03

198.7664825245

24.79

6.462

140.05

230.7203788146

21.295

3.58

109.77

355.5168388097

20.235

6.384

176.56

184.3401190942

16.742

3.99

102.65

244.129753531

18.582

4.7399

120.43

256.549667079

25.575

6.8209

89.59

393.155048603

18.61

5.124

157.42

213.595506201

22.888

4.421

88.9

Output

QuarterUSAsiaPac (ex-Japan)AustraliaEMEAQuarterUSAsiaPac (ex-Japan)AustraliaEMEA

1Q20507.6668.939.46143.5631-Mar-201Q2077422131222

4Q19518.67112.8122.92268.1831-Dec-194Q1981029361361

3Q19502.44115.8515.33220.0930-Sep-193Q1983630842457

2Q19647.38121.7920.26253.1730-Jun-192Q1997734959451

1Q19447.08113.7917.44243.0331-Mar-191Q1970337744385

4Q18659.73124.5625.72258.6231-Dec-184Q18100324850379

3Q18488.38104.7216.50204.9930-Sep-183Q1890125537407

2Q18870.34130.4336.41280.930-Jun-182Q18121634874489

1Q18621.92125.1216.90305.4331-Mar-181Q18104135242389

4Q17653.33118.0219.79214.2131-Dec-174Q17114126448290

3Q17538.6594.3421.82181.8630-Sep-173Q17105028251335

2Q17703.96136.1030.09230.8930-Jun-172Q17114934067428

1Q17604.3596.8610.07267.2131-Mar-171Q17106735935408

4Q16582.68103.1429.33241.8931-Dec-164Q1697825146323

3Q16440.02115.4613.91209.2230-Sep-163Q1683931433414

2Q16610.17137.0214.28267.4730-Jun-162Q1690335436467

1Q16356.53107.1515.28195.5331-Mar-161Q1664637133386

4Q15496.63105.0422.25408.231-Dec-154Q1573731748430

3Q15536.42124.2820.70220.5130-Sep-153Q1584233457463

2Q15574.44131.1626.65265.1130-Jun-152Q15101537053523

1Q15383.75110.799.85269.1231-Mar-151Q1571038927425

4Q14579.51138.8534.78265.431-Dec-144Q1497933654386

3Q14452.41131.6422.44299.4130-Sep-143Q1494744442461

2Q14597.89141.4334.87392.9930-Jun-142Q14106644666489

1Q14479.52111.0013.92209.1531-Mar-141Q14101942436345

4Q13550.98142.9847.02240.9531-Dec-134Q13106035089340

3Q13516.01107.3513.54237.730-Sep-133Q1399633037391

2Q13602.08124.5029.85214.0430-Jun-132Q13124934869387

1Q13469.4787.079.49237.5731-Mar-131Q1389226122352

4Q12490.9986.3627.63153.6931-Dec-124Q12121326733269

3Q12337.8177.9115.91160.6330-Sep-123Q1275025335300

2Q12400.5280.1722.76224.5730-Jun-122Q1282527348362

1Q12346.3962.2113.83164.431-Mar-121Q1271623131292

4Q11462.5473.9732.05249.5831-Dec-114Q1174823660315

3Q11432.8794.6231.14260.1330-Sep-113Q1178430061386

2Q11568.4898.7926.05287.5330-Jun-112Q1189129953429

1Q11393.8674.1117.97237.4531-Mar-111Q1174524637340

4Q10348.4384.7930.37282.6131-Dec-104Q1071925845328

3Q10245.4158.5211.36238.3830-Sep-103Q1052025230306

2Q10323.7177.7717.21233.8630-Jun-102Q1060325137343

1Q10168.1647.465.48155.1331-Mar-101Q1040018217259

4Q09174.2854.3522.40154.0631-Dec-094Q0947619835235

3Q0997.6844.5316.19111.830-Sep-093Q0930318530252

2Q09158.4732.186.72198.2530-Jun-092Q0935315922272

1Q09116.6839.878.14184.0131-Mar-091Q0922011325228

4Q08111.7936.779.29173.9731-Dec-084Q0833113329178

3Q08224.9264.6917.37174.1230-Sep-083Q0851924237307

2Q08248.1765.8820.93308.2830-Jun-082Q0852524839442

1Q08179.1067.9819.67220.1631-Mar-081Q0855918832294

4Q07324.8378.0737.95361.931-Dec-074Q0765921134370

3Q07407.3887.8429.31422.3230-Sep-073Q0768326645434

2Q07581.7673.7726.52518.7530-Jun-072Q07103322437525

1Q07372.8448.7216.72303.0631-Mar-071Q0788219333372

4Q06401.4664.7319.02372.1731-Dec-064Q0683625132427

3Q06376.7959.1215.14244.8530-Sep-063Q0682024139384

2Q06532.2872.5823.19270.1630-Jun-062Q06101228442423

1Q06361.9633.826.65333.7631-Mar-061Q0673117821362

4Q05416.4540.8517.55360.8931-Dec-054Q05019937445

3Q05344.8741.2011.66294.5330-Sep-053Q05021228417

2Q05459.2942.9614.34358.2930-Jun-052Q05021938465

1Q05273.9723.397.29248.1431-Mar-051Q05013926327

4Q04371.3844.9215.35293.931-Dec-044Q04016925477

3Q04310.1538.1215.43213.1330-Sep-043Q04017231351

2Q04460.6832.3510.59231.0630-Jun-042Q04017328364

1Q04205.4920.624.69128.2131-Mar-041Q04013117292

4Q03244.3627.5912.15161.5131-Dec-034Q03014940320

3Q03200.5319.634.30133.1330-Sep-033Q03014218251

2Q03300.3020.136.57189.3330-Jun-032Q03012921258

1Q03184.7113.042.19129.0331-Mar-031Q0309617250

4Q02198.7724.796.46140.0531-Dec-024Q02013325267

3Q02230.7221.303.58109.7730-Sep-023Q02011814271

2Q02355.5220.246.38176.5630-Jun-022Q02010914314

1Q02184.3416.743.99102.6531-Mar-021Q0208717257

4Q01244.1318.584.74120.4331-Dec-014Q01010421247

3Q01256.5525.586.8289.5930-Sep-013Q01010716208

2Q01393.1618.615.12157.4230-Jun-012Q010000

1Q01213.6022.894.4288.931-Mar-011Q0108613213

4Q00259.040.000.00164.5431-Dec-004Q00000286

3Q00305.920.000.00123.9330-Sep-003Q00000196

2Q00349.900.000.00186.630-Jun-002Q00000276

1Q00215.750.000.00110.9231-Mar-001Q00000219

Output

US

AsiaPac (ex-Japan)

Australia

EMEA

Syndicated Loan Volumes (US$bn)

US Quarterly Loan Volume

US

AsiaPac (ex-Japan)

Australia

EMEA

Period (Qtr)

Deals per Quarter

Syndicated Loan Transactions (Deals per Qtr)

AsiaPac (ex.Jap)

Historical Data - US: Quarterly US Syndicated Loan Volume

Vol. by Segment (US$bn)Number of DealsNo. of Deals

QuarterI-GradeLeveragedOtherTotalQuarterLeveragedI-GradeQuarterSponsoredLBOs Total

1Q20189.36245.3672.95507.661Q20413911Q2021951774

4Q19192.15224.72101.79518.674Q194401044Q1921254810

3Q19215.65198.5088.30502.443Q19445913Q1923565836

2Q19326.96217.29103.14647.382Q195161432Q1925266977

1Q19216.87167.3362.87447.081Q193741011Q1918345703

4Q18295.91279.6984.12659.734Q185471434Q18253601003

3Q18198.50203.5486.34488.383Q18472963Q1827162901

2Q18326.53413.55130.27870.342Q186871282Q18344571216

1Q18214.26343.0664.59621.921Q185761001Q18313521041

4Q17230.48339.6683.19653.334Q176371304Q17310641141

3Q17181.24292.0865.33538.653Q17576893Q17307781050

2Q17265.70365.6372.63703.962Q176481202Q17313681149

1Q17143.32404.8056.23604.351Q17618881Q17302591067

4Q16252.77273.9255.99582.684Q165271154Q1627462978

3Q16156.65220.6562.72440.023Q16486883Q1621055839

2Q16287.67247.4275.08610.172Q164911332Q1622653903

1Q16164.17133.3259.03356.531Q163631051Q1614236646

4Q15249.18158.2189.24496.634Q153891484Q1515941737

3Q15248.27217.7970.36536.423Q154561213Q1520560842

2Q15197.39266.94110.11574.442Q155761222Q15257601015

1Q15178.02140.4065.33383.751Q15400991Q1516744710

4Q14266.72194.10118.68579.514Q145441454Q1422565979

3Q14195.53193.0063.87452.413Q145471383Q1421052947

2Q14254.83260.3382.73597.892Q146191292Q14262561066

1Q14121.09292.6365.80479.521Q14591951Q14283501019

4Q13226.46257.2567.26550.984Q136521244Q13242421060

3Q13225.94217.7972.28516.013Q135991323Q1322837996

2Q13171.03353.6677.39602.082Q137571122Q13338421249

1Q13125.29306.5337.65469.471Q13540891Q1323924892

4Q12174.77232.8283.39490.994Q126561214Q12356801213

3Q12140.83128.5868.40337.813Q12411993Q1219149750

2Q12179.09144.8976.54400.522Q124311352Q1222237825

1Q12114.93158.1373.32346.391Q12418981Q1216436716

4Q11255.77101.19105.58462.544Q113591994Q1114842748

3Q11218.37113.38101.12432.873Q113961543Q1118054784

2Q11225.20177.05166.24568.482Q114451572Q1124643891

1Q11146.06173.9273.89393.861Q11396991Q1121139745

4Q10116.13115.51116.79348.434Q10340944Q1022659719

3Q1083.9385.2276.25245.413Q10254833Q1012954520

2Q10129.17101.2993.25323.712Q10328832Q1015141603

1Q1056.4774.0037.69168.161Q10238511Q109021400

4Q0963.4084.5726.31174.284Q09313594Q097925476

3Q0932.8050.1814.7197.683Q09206423Q094411303

2Q0967.3771.6919.41158.472Q09237592Q09489353

1Q0965.3932.7718.52116.681Q09150371Q09276220

4Q0858.3438.0015.46111.794Q08219604Q083517331

3Q0892.00100.8532.07224.923Q08342573Q088832519

2Q0895.2491.6161.32248.172Q08319752Q088942525

1Q0873.2063.9941.91179.101Q08322661Q0811556559

4Q07124.22130.9469.67324.834Q073321294Q0713761659

3Q07183.48129.7794.13407.383Q073561113Q0715363683

2Q07255.69219.04107.04581.762Q075351502Q07251971033

1Q0794.36208.7569.73372.841Q07495711Q0723878882

4Q06133.90190.5776.99401.464Q064561404Q0618357836

3Q06174.22121.9180.65376.793Q064541363Q0617060820

2Q06265.63168.3398.31532.282Q065461722Q06226681012

1Q06147.54131.2683.16361.961Q06432901Q0616346731

4Q05172.27136.10108.08416.45

3Q05163.74109.4471.69344.87

2Q05221.88140.7996.62459.29

1Q05111.45114.5048.02273.97

4Q04166.59135.2269.56371.38

3Q04114.48125.6070.06310.15

2Q04244.95133.9381.79460.68

1Q0486.0085.6933.80205.49

4Q03105.8393.5644.96244.36

3Q0387.4972.8440.20200.53

2Q03163.2682.0854.96300.30

1Q0362.6080.0842.02184.71

4Q0291.6862.4544.64198.77

3Q02116.4362.1552.14230.72

2Q02202.9381.2171.38355.52

1Q0291.0858.7234.54184.34

4Q01160.4336.8446.86244.13

3Q01137.9649.7268.87256.55

2Q01249.8672.2471.06393.16

1Q01123.2556.9933.36213.60

4Q00137.3560.6361.06259.04

3Q00159.7371.2174.98305.92

2Q00207.9080.8361.17349.90

1Q0099.0077.3839.37215.75

Note: The "Other" category is comprised of loans that do not easily fall under either Investment Grade or Leveraged according to LPC's criteria.

[CP] GS:LoanMarketSeg

[CP] GS:USSynd

[CP] GS:Primary

[PL] NAMZ

[PL] usa

[CP] GS:InvestGrade

[CP] GS:Analytic

[CP] GS:Leveraged

[CP] GS:Volume

AsiaPac (ex.Jap)

&A

Page &P

I-Grade

Leveraged

Other

Loan Volume (US$bn)

Australia

QuarterYearQuarter Volume (US$m)Number of Deals

1-Mar-01Q1011Q0122.8986

30-Jun-01Q2012Q0118.61100

30-Sep-01Q3013Q0125.58107

31-Dec-01Q4014Q0118.58104

31-Mar-02Q1021Q0216.7487

30-Jun-02Q2022Q0220.24109

30-Sep-02Q3023Q0221.30118

31-Dec-02Q4024Q0224.79133

31-Mar-03Q1031Q0313.0496

30-Jun-03Q2032Q0320.13129

30-Sep-03Q3033Q0319.63142

31-Dec-03Q4034Q0327.59149

31-Mar-04Q1041Q0420.62131

30-Jun-04Q2042Q0432.35173

30-Sep-04Q3043Q0438.12172

31-Dec-04Q4044Q0444.92169

31-Mar-05Q1051Q0523.39139

30-Jun-05Q2052Q0542.96219

30-Sep-05Q3053Q0541.20212

31-Dec-05Q4054Q0540.85199

31-Mar-06Q1061Q0633.82178

30-Jun-06Q2062Q0672.58284

30-Sep-06Q3063Q0659.12241

31-Dec-06Q4064Q0664.73251

31-Mar-07Q1071Q0748.72193

30-Jun-07Q2072Q0773.77224

30-Sep-07Q3073Q0787.84266

31-Dec-07Q4074Q0778.07211

31-Mar-08Q1081Q0867.98188

30-Jun-08Q2082Q0865.88248

30-Sep-08Q3083Q0864.69242

31-Dec-08Q4084Q0836.77133

31-Mar-09Q1091Q0939.87113

30-Jun-09Q2092Q0932.18159

30-Sep-09Q3093Q0944.53185

31-Dec-09Q4094Q0954.35198

31-Mar-10Q1101Q1047.46182

30-Jun-10Q2102Q1077.77251

30-Sep-10Q3103Q1058.52252

31-Dec-10Q4104Q1084.79258

31-Mar-11Q1111Q1174.11246

30-Jun-11Q2112Q1198.79299

30-Sep-11Q3113Q1194.62300

31-Dec-11Q4114Q1173.97236

31-Mar-12Q1121Q1262.21231

30-Jun-12Q2122Q1280.17273

30-Sep-12Q3123Q1277.91253

31-Dec-12Q4124Q1286.36267

31-Mar-13Q1131Q1387.07261

30-Jun-13Q2132Q13124.50348

30-Sep-13Q3133Q13107.35330

31-Dec-13Q4134Q13142.98350

31-Mar-14Q1141Q14111.00424

30-Jun-14Q2142Q14141.43446

30-Sep-14Q3143Q14131.64444

31-Dec-14Q4144Q14138.85336

31-Mar-15Q1151Q15110.79389

30-Jun-15Q2152Q15131.16370

30-Sep-15Q3153Q15124.28334

31-Dec-15Q4154Q15105.04317

31-Mar-16Q1161Q16107.15371

30-Jun-16Q2162Q16137.02354

30-Sep-16Q3163Q16115.46314

31-Dec-16Q4164Q16103.14251

31-Mar-17Q1171Q1796.86359

30-Jun-17Q2172Q17136.10340

30-Sep-17Q3173Q1794.34282

31-Dec-17Q4174Q17118.02264

31-Mar-18Q1181Q18125.12352

30-Jun-18Q2182Q18130.43348

30-Sep-18Q3183Q18104.72255

31-Dec-18Q4184Q18124.56248

31-Mar-19Q1191Q19113.79377

30-Jun-19Q2192Q19121.79349

30-Sep-19Q3193Q19115.85308

31-Dec-19Q4194Q19112.81293

31-Mar-20Q1201Q2068.93221

Chart shows quarterly US syndicated loan volume broken out by Leveraged, Investment Grade and "Other," which are loans not easily classifiable as either of the first two categories according to LPC's criteria.

Suggested Dealscan SearchBorrower: [Major Industry Group: Exclude: Real Estate]

Tranche: [Country Of Syndication: United States, Bermuda] [League Table Credit: Yes] [League Table Tranche Date: (Adjust accordingly)] [Distribution Method: Syndication]

Run the above criteria in a Totals & Averages report, then filter by "Quarter" & "Market Segment"

EMEA

QuarterYearQuarter Volume (US$m)Number of Deals

1-Mar-01Q1011Q014.42113

30-Jun-01Q2012Q015.12418

30-Sep-01Q3013Q016.820916

31-Dec-01Q4014Q014.739921

31-Mar-02Q1021Q023.9917

30-Jun-02Q2022Q026.38414

30-Sep-02Q3023Q023.5814

31-Dec-02Q4024Q026.46225

31-Mar-03Q1031Q032.18817

30-Jun-03Q2032Q036.57421

30-Sep-03Q3033Q034.30418

31-Dec-03Q4034Q0312.15440

31-Mar-04Q1041Q044.69217

30-Jun-04Q2042Q0410.58828

30-Sep-04Q3043Q0415.43431

31-Dec-04Q4044Q0415.35125

31-Mar-05Q1051Q057.28726

30-Jun-05Q2052Q0514.33538

30-Sep-05Q3053Q0511.66128

31-Dec-05Q4054Q0517.5537

31-Mar-06Q1061Q066.65421

30-Jun-06Q2062Q0623.19442

30-Sep-06Q3063Q0615.143139

31-Dec-06Q4064Q0619.016932

31-Mar-07Q1071Q0716.719233

30-Jun-07Q2072Q0726.522937

30-Sep-07Q3073Q0729.307545

31-Dec-07Q4074Q0737.947434

31-Mar-08Q1081Q0819.66632

30-Jun-08Q2082Q0820.92639

30-Sep-08Q3083Q0817.3737

31-Dec-08Q4084Q089.29429

31-Mar-09Q1091Q098.14125

30-Jun-09Q2092Q096.71622

30-Sep-09Q3093Q0916.18530

31-Dec-09Q4094Q0922.39935

31-Mar-10Q1101Q105.476417

30-Jun-10Q2102Q1017.207437

30-Sep-10Q3103Q1011.358430

31-Dec-10Q4104Q1030.369145

31-Mar-11Q1111Q1117.965837

30-Jun-11Q2112Q1126.04553

30-Sep-11Q3113Q1131.144961

31-Dec-11Q4114Q1132.046360

31-Mar-12Q1121Q1213.834631

30-Jun-12Q2122Q1222.76248

30-Sep-12Q3123Q1215.914435

31-Dec-12Q4124Q1227.62733

31-Mar-13Q1131Q139.492622

30-Jun-13Q2132Q1329.84869

30-Sep-13Q3133Q1313.53837

31-Dec-13Q4134Q1347.020189

31-Mar-14Q1141Q1413.917436

30-Jun-14Q2142Q1434.872466

30-Sep-14Q3143Q1422.439542

31-Dec-14Q4144Q1434.778554

31-Mar-15Q1151Q159.850927

30-Jun-15Q2152Q1526.647553

30-Sep-15Q3153Q1520.701457

31-Dec-15Q4154Q1522.25348

31-Mar-16Q1161Q1615.278933

30-Jun-16Q2162Q1614.276436

30-Sep-16Q3163Q1613.910133

31-Dec-16Q4164Q1629.331146

31-Mar-17Q1171Q1710.065135

30-Jun-17Q2172Q1730.089467

30-Sep-17Q3173Q1721.823351

31-Dec-17Q4174Q1719.789248

31-Mar-18Q1181Q1816.90342

30-Jun-18Q2182Q1836.411274

30-Sep-18Q3183Q1816.497937

31-Dec-18Q4184Q1825.721850

31-Mar-19Q1191Q1917.442744

30-Jun-19Q2192Q1920.25759

30-Sep-19Q3193Q1915.334342

31-Dec-19Q4194Q1922.918261

31-Mar-20Q1201Q209.459531

QuarterYearQuarterVol. (US$bn)No. of Deals

1-Mar-20Q1201Q20143.56222

31-Dec-19Q4194Q19268.18361

30-Sep-19Q3193Q19220.09457

30-Jun-19Q2192Q19253.17451

31-Mar-19Q1191Q19243.03385

31-Dec-18Q4184Q18258.62379

30-Sep-18Q3183Q18204.99407

30-Jun-18Q2182Q18280.9489

31-Mar-18Q1181Q18305.43389

31-Dec-17Q4174Q17214.21290

30-Sep-17Q3173Q17181.86335

30-Jun-17Q2172Q17230.89428

31-Mar-17Q1171Q17267.21408

31-Dec-16Q4164Q16241.89323

30-Sep-16Q3163Q16209.22414

30-Jun-16Q2162Q16267.47467

31-Mar-16Q1161Q16195.53386

31-Dec-15Q4154Q15408.2430

30-Sep-15Q3153Q15220.51463

30-Jun-15Q2152Q15265.11523

31-Mar-15Q1151Q15269.12425

31-Dec-14Q4144Q14265.4386

30-Sep-14Q3143Q14299.41461

30-Jun-14Q2142Q14392.99489

31-Mar-14Q1141Q14209.15345

31-Dec-13Q4134Q13240.95340

30-Sep-13Q3133Q13237.7391

30-Jun-13Q2132Q13214.04387

31-Mar-13Q1131Q13237.57352

31-Dec-12Q4124Q12153.69269

30-Sep-12Q3123Q12160.63300

30-Jun-12Q2122Q12224.57362

31-Mar-12Q1121Q12164.4292

31-Dec-11Q4114Q11249.58315

30-Sep-11Q3113Q11260.13386

30-Jun-11Q2112Q11287.53429

31-Mar-11Q1111Q11237.45340

31-Dec-10Q4104Q10282.61328

30-Sep-10Q3103Q10238.38306

30-Jun-10Q2102Q10233.86343

31-Mar-10Q1101Q10155.13259

31-Dec-09Q4094Q09154.06235

30-Sep-09Q3093Q09111.8252

30-Jun-09Q2092Q09198.25272

31-Mar-09Q1091Q09184.01228

31-Dec-08Q4084Q08173.97178

30-Sep-08Q3083Q08174.12307

30-Jun-08Q2082Q08308.28442

31-Mar-08Q1081Q08220.16294

31-Dec-07Q4074Q07361.9370

30-Sep-07Q3073Q07422.32434

30-Jun-07Q2072Q07518.75525

31-Mar-07Q1071Q07303.06372

31-Dec-06Q4064Q06372.17427

30-Sep-06Q3063Q06244.85384

30-Jun-06Q2062Q06270.16423

31-Mar-06Q1061Q06333.76362

31-Dec-05Q4054Q05360.89445

30-Sep-05Q3053Q05294.53417

30-Jun-05Q2052Q05358.29465

31-Mar-05Q1051Q05248.14327

31-Dec-04Q4044Q04293.9477

30-Sep-04Q3043Q04213.13351

30-Jun-04Q2042Q04231.06364

31-Mar-04Q1041Q04128.21292

31-Dec-03Q4034Q03161.51320

30-Sep-03Q3033Q03133.13251

30-Jun-03Q2032Q03189.33258

31-Mar-03Q1031Q03129.03250

31-Dec-02Q4024Q02140.05267

30-Sep-02Q3023Q02109.77271

30-Jun-02Q2022Q02176.56314

31-Mar-02Q1021Q02102.65257

31-Dec-01Q4014Q01120.43247

30-Sep-01Q3013Q0189.59208

30-Jun-01Q2012Q01157.42287

31-Mar-01Q1011Q0188.9213

31-Dec-00Q4004Q00164.54286

30-Sep-00Q3003Q00123.93196

30-Jun-00Q2002Q00186.6276

31-Mar-00Q1001Q00110.92219


Debt market pricing factoring in liquidity and risk premium― BBB rated credits spiked in early March as

borrowers are concerned about own cost of funds and potential financial impact on borrowers

― Peak in late March with spreads reaching as high as 250bps (US) and then rebounding with a sell off of up to 75bps as government stimulus kicks in

― Mid-market borrowers also experiencing similar trends

― Businesses available to demonstrate maintenance of credit profile can preserve pre COVID pricing

Chart1

439454394543945

439214392143921

438904389043890

438614386143861

438304383043830

437994379943799

437694376943769

437384373843738

437084370843708

436774367743677

436464364643646

436164361643616

435854358543585

435554355543555

435244352443524

434964349643496

434654346543465

434344343443434

434044340443404

433734337343373

433434334343343

433124331243312

432814328143281

432514325143251

432204322043220

431904319043190

431594315943159

431314313143131

431004310043100

430694306943069

430394303943039

430084300843008

429784297842978

429474294742947

429164291642916

428864288642886

428554285542855

428254282542825

427944279442794

427664276642766

427354273542735

427044270442704

426744267442674

426434264342643

426134261342613

425824258242582

425514255142551

425214252142521

424904249042490

424604246042460

424294242942429

424004240042400

423694236942369

423384233842338

423084230842308

422774227742277

422474224742247

422164221642216

421854218542185

421554215542155

421244212442124

420944209442094

420634206342063

420354203542035

420044200442004

419734197341973

419434194341943

419124191241912

418824188241882

418514185141851

418204182041820

417904179041790

417594175941759

417294172941729

416984169841698

416704167041670

416394163941639

416084160841608

415784157841578

415474154741547

415174151741517

414864148641486

414554145541455

414254142541425

413944139441394

413644136441364

413334133341333

413054130541305

412744127441274

412434124341243

412134121341213

411824118241182

411524115241152

411214112141121

410904109041090

410604106041060

410294102941029

409994099940999

409684096840968

409394093940939

409084090840908

408774087740877

408474084740847

408164081640816

407864078640786

407554075540755

407244072440724

406944069440694

406634066340663

406334063340633

406024060240602

405744057440574

405434054340543

405124051240512

404824048240482

404514045140451

404214042140421

403904039040390

403594035940359

403294032940329

402984029840298

402684026840268

402374023740237

402094020940209

401784017840178

401474014740147

401174011740117

400864008640086

400564005640056

400254002540025

399943999439994

AUS BBB 5-Year Spread

EUR BBB 5-Year Spread

US BBB 5-Year Spread

Spread (%)

5-Year BBB Spreads

1.648

1.5211

1.7523

1.69475

1.7925

2.4911

1.16287

0.6095

0.9336

1.069

0.487

0.805

1.0827

0.5155

0.822

1.037

0.6139

0.9824

1.039

0.4756

0.9217

1.0943

0.5645

1.0524

1.17625

0.5

1.1044

1.0865

0.3895

1.0114

1.1595

0.4725

1.0573

1.098

0.564

1.134

1.09475

0.4198

0.9572

1.209

0.5244

1.0525

1.0812

0.6166

1.1903

1.21038

0.7733

1.172

1.281

0.7641

1.3658

1.24688

0.6785

1.1731

1.2203

0.5395

0.975

1.21213

0.491

0.9136

1.216

0.4876

0.9489

1.392705

0.456

0.94

1.357086

0.5112

1.0041

1.26603

0.4475

0.9194

1.192819

0.3205

0.8849

1.104

0.3008

0.878

1.015

0.1725

0.7239

1.023

0.1855

0.7304

1.062625

0.249

0.7844

1.10225

0.2505

0.8518

1.2095

0.2014

0.7866

1.2705

0.3017

0.8892

1.3315

0.304

0.9318

1.3885

0.251

0.8785

1.4275

0.3985

0.9765

1.4665

0.3647

0.9737

1.498

0.381

0.9785

1.5295

0.4425

0.966

1.55

0.369

0.9765

1.782

0.466

1.0273

1.832

0.412

1.0697

1.882

0.458

1.2575

1.935

0.3626

1.1896

2.148

0.349

1.2411

2.2472

0.351

1.1879

2.2839

0.368

1.2072

2.3206

0.519

1.413

2.2551

0.6158

1.369

2.3152

0.558

1.4117

2.3142

0.612

1.6027

2.487

0.8765

1.8582

2.3305

0.8645

1.7517

2.1367

0.7272

1.4928

2.124

0.7341

1.5166

1.9585

0.7751

1.5012

1.8655

0.854

1.516

1.75

0.6742

1.4595

1.7202

0.6165

1.1955

1.6375

0.6895

1.1882

1.4645

0.518

1.0655

1.5175

0.5461

1.0264

1.449

0.5505

0.976

1.437

0.447

0.914

1.5255

0.538

1.0355

1.496

0.5919

1.0275

1.494

0.6251

0.9527

1.434

0.631

0.8832

1.422

0.651

0.7427

1.4615

0.6265

0.6917

1.495

0.646

0.6652

1.553

0.7138

0.7362

1.6045

0.7

0.7575

1.396

0.6924

0.7205

1.4451

0.7902

0.822

1.45

0.8211

0.9085

1.5197

0.904

0.9625

1.7123

0.9109

1.0465

1.7389

0.958

1.182

1.7009

0.941

1.2135

1.7754

1.087

1.25

1.9014

1.026

1.163

1.9395

1.1967

1.1405

2.1259

1.291

1.3092

1.9555

1.08

1.1435

2.0056

1.207

1.215

2.0705

1.333

1.237

2.1524

1.433

1.2697

2.3043

1.4365

1.2697

2.2992

1.433

1.3895

2.3828

1.522

1.3955

2.4554

1.5695

1.2615

2.3561

1.677

1.461

2.4962

1.255

1.45

2.6005

1.286

1.5825

2.5449

1.457

1.687

2.6565

1.5908

1.57

2.7035

1.6617

1.513

2.7056

1.5247

1.522

2.7043

1.572

1.4955

2.8637

1.913

1.641

2.4897

1.975

1.6995

2.5165

2.079

1.777

2.7651

1.929

1.6325

2.7647

1.991

1.855

2.4679

1.733

1.5835

2.3782

1.188

1.1065

2.3023

1.16

1.274

2.5205

0.9845

1.096

2.5522

0.94

1.102

2.7879

1.004

1.1895

2.8071

1.085

1.146

2.8378

1.187

1.3055

2.8815

1.148

1.3775

2.8509

1.26

1.4849

2.8323

1.2095

1.432

2.6658

1.272

1.6127

2.5518

1.256

1.5379

2.9012

1.22

1.5068

2.8544

1.353

1.4678

3.1157

1.377

1.312

2.7641

1.038

1.0725

2.9181

1.0615

1.158

3.0328

1.089

1.18

3.0657

1.0257

1.1745

2.9088

1.05

1.271

2.8185

1.069

1.5947

2.9541

1.322

1.544

2.9283

1.4805

1.6205

2.5961

1.437

1.6492

2.5219

1.508

1.74

2.9621

2.021

2.451

Summary

AUS BBB 5-Year SpreadEUR BBB 5-Year SpreadUS BBB 5-Year SpreadAus 5-year BBBEUR 5-year BBBUS 5-year BBBAus 5-year SwapEUR 5-year SwapUS 5-year Swap

24-Apr-201.651.521.752.191.2852.20.55-0.23610.4477

31-Mar-201.691.792.492.231.5583.0190.54-0.23450.5279

29-Feb-201.160.610.931.870.2381.9320.70-0.37150.9984

31-Jan-201.070.490.811.840.1892.1880.77-0.2981.383

31-Dec-191.080.520.822.280.4052.5311.20-0.11051.709

30-Nov-191.040.610.981.970.3852.5610.94-0.22891.5786

31-Oct-191.040.480.922.130.2142.4761.09-0.26161.5543

30-Sep-191.090.561.052.000.1572.5750.91-0.40751.5226

31-Aug-191.180.501.102.01-0.0272.4610.83-0.5271.3566

31-Jul-191.090.391.012.110.0462.8071.02-0.34351.7956

30-Jun-191.160.471.062.360.2432.8181.20-0.22951.7607

31-May-191.100.561.132.480.4683.0851.38-0.0961.951

30-Apr-191.090.420.962.740.4583.3051.650.03822.3478

31-Mar-191.210.521.052.900.5383.3381.700.01362.2855

28-Feb-191.080.621.193.130.7863.7162.040.16942.5257

31-Jan-191.210.771.173.330.8963.7382.120.12272.566

31-Dec-181.280.761.373.500.9623.9792.220.19792.6132

30-Nov-181.250.681.173.700.9534.1492.450.27452.9759

31-Oct-181.220.540.983.650.8924.0972.430.35253.122

30-Sep-181.210.490.913.690.8833.9632.480.3923.0494

31-Aug-181.220.490.953.560.7613.8252.350.27342.8761

31-Jul-181.390.460.943.900.7883.9022.510.3322.962

30-Jun-181.360.511.003.860.7743.8792.500.26282.8749

31-May-181.270.450.923.820.7483.7552.560.30052.8356

30-Apr-181.190.320.883.800.7073.7992.610.38652.9141

31-Mar-181.100.300.883.620.6653.5862.510.36422.708

28-Feb-181.020.170.723.600.6273.5122.580.45452.7881

31-Jan-181.020.190.733.630.663.2992.610.47452.5686

31-Dec-171.060.250.783.540.5653.0410.000.3162.2566

30-Nov-171.100.250.853.450.4743.0212.340.22352.1692

31-Oct-171.210.200.793.650.3962.8692.440.19462.0824

30-Sep-171.270.300.893.720.5512.8620.000.24931.9728

31-Aug-171.330.300.933.780.4652.7222.450.1611.7902

31-Jul-171.390.250.883.820.5312.7822.430.281.9035

30-Jun-171.430.400.983.750.6742.8890.000.27551.9125

31-May-171.470.360.973.670.5292.8172.210.16431.8433

30-Apr-171.500.380.983.860.5732.9230.000.1921.9445

31-Mar-171.530.440.974.050.6263.0392.520.18352.073

28-Feb-171.550.370.984.150.4472.9772.600.0782.0005

31-Jan-171.780.471.034.320.6543.0412.530.1882.0137

31-Dec-161.830.411.074.360.4893.0710.000.0772.0013

30-Nov-161.880.461.264.400.5453.0462.520.0871.7885

31-Oct-161.930.361.194.100.3742.5322.170.01141.3424

30-Sep-162.150.351.244.090.2092.3851.94-0.141.1439

31-Aug-162.250.351.194.080.2282.3951.83-0.1231.2071

31-Jul-162.280.371.214.190.2162.330.00-0.1521.1228

30-Jun-162.320.521.414.300.4422.4411.98-0.0771.028

31-May-162.260.621.374.390.6222.7472.140.00621.378

30-Apr-162.320.561.414.670.6312.6852.350.0731.2733

31-Mar-162.310.611.604.650.6352.8112.330.0231.2083

29-Feb-162.490.881.864.700.84432.21-0.03251.1418

31-Jan-162.330.861.754.670.9423.0612.340.07751.3093

31-Dec-152.140.731.494.761.0593.2382.620.33181.7452

30-Nov-152.120.731.524.670.9063.1192.550.17191.6024

31-Oct-151.960.781.504.321.0463.0062.360.27091.5048

30-Sep-151.870.851.524.241.2012.952.380.3471.434

31-Aug-151.750.671.464.211.1423.0812.460.46781.6215

31-Jul-151.720.621.204.251.0152.9632.530.39851.7675

30-Jun-151.640.691.194.411.192.9662.770.50051.7778

31-May-151.460.521.074.000.8682.7152.540.351.6495

30-Apr-151.520.551.034.040.8392.5952.520.29291.5686

31-Mar-151.450.550.983.740.7952.5272.290.24451.551

28-Feb-151.440.450.913.850.7152.6142.410.2681.7

31-Jan-151.530.541.043.940.8392.4322.420.3011.3965

31-Dec-141.500.591.034.170.952.8022.670.35811.7745

30-Nov-141.490.630.954.491.0222.6123.000.39691.6593

31-Oct-141.430.630.884.621.0682.6313.190.4371.7478

30-Sep-141.420.650.744.721.0972.7043.300.4461.9613

31-Aug-141.460.630.694.641.132.4663.180.50351.7743

31-Jul-141.500.650.674.781.2942.5663.280.6481.9008

30-Jun-141.550.710.744.841.3682.443.290.65421.7038

31-May-141.600.700.764.961.4622.373.360.7621.6125

30-Apr-141.400.690.724.941.6082.5423.550.91561.8215

31-Mar-141.450.790.825.161.7622.6653.710.97181.843

28-Feb-141.450.820.915.051.8212.5153.600.99991.6065

31-Jan-141.520.900.965.171.9192.5873.651.0151.6245

31-Dec-131.710.911.055.482.172.823.771.25911.7735

30-Nov-131.740.961.185.542.0122.6643.801.0541.482

31-Oct-131.700.941.215.452.042.6353.751.0991.4215

30-Sep-131.781.091.255.382.3052.7923.601.2181.542

31-Aug-131.901.031.165.522.3912.9363.621.3651.773

31-Jul-131.941.201.145.312.3592.7083.371.16231.5675

30-Jun-132.131.291.315.712.5122.8223.591.2211.5128

31-May-131.961.081.145.302.0132.3083.350.9331.1645

30-Apr-132.011.211.225.281.9582.0323.270.7510.817

31-Mar-132.071.331.245.632.2532.1853.560.920.948

28-Feb-132.151.431.275.562.3512.1973.410.9180.9273

31-Jan-132.301.441.275.752.6242.2763.451.18751.0063

31-Dec-122.301.431.395.592.2032.233.290.770.8405

30-Nov-122.381.521.405.722.3742.1613.340.8520.7655

31-Oct-122.461.571.265.742.5242.1333.290.95450.8715

30-Sep-122.361.681.465.652.6242.2093.290.9470.748

31-Aug-122.501.261.455.922.1892.3093.420.9340.859

31-Jul-122.601.291.586.092.3062.3823.491.020.7995

30-Jun-122.541.461.696.162.7632.6543.621.3060.967

31-May-122.661.591.576.082.762.6163.431.16921.046

30-Apr-122.701.661.516.783.0822.6244.081.42031.111

31-Mar-122.711.521.527.123.1162.7694.411.59131.247

29-Feb-122.701.571.507.243.1222.5984.531.551.1025

31-Jan-122.861.911.647.073.4472.694.211.5341.049

31-Dec-112.491.981.706.793.682.9724.301.7051.2725

30-Nov-112.522.081.786.904.1183.1174.382.0391.34

31-Oct-112.771.931.637.413.7913.0014.641.8621.3685

30-Sep-112.761.991.867.223.9573.14.461.9661.245

31-Aug-112.471.731.587.253.9162.8164.792.1831.2325

31-Jul-112.381.191.117.563.6682.8355.182.481.7285

30-Jun-112.301.161.277.823.9773.225.522.8171.946

31-May-112.520.981.107.993.7593.0715.472.77451.975

30-Apr-112.550.941.108.283.9663.2775.733.0262.175

31-Mar-112.791.001.198.474.13.5935.683.0962.4035

28-Feb-112.811.091.158.573.9053.5015.762.822.355

31-Jan-112.841.191.318.564.0213.4685.722.8342.1625

31-Dec-102.881.151.388.753.6393.595.862.4912.2125

30-Nov-102.851.261.488.573.5543.2175.722.2941.7321

31-Oct-102.831.211.438.333.3642.9175.502.15451.485

30-Sep-102.671.271.618.123.2393.095.461.9671.4773

31-Aug-102.551.261.547.492.9643.1234.941.7081.5851

31-Jul-102.901.221.518.153.3613.3095.252.1411.8022

30-Jun-102.851.351.478.093.4243.5345.242.0712.0662

31-May-103.121.381.318.603.5023.7415.482.1252.429

30-Apr-102.761.041.078.673.3583.7355.902.322.6625

31-Mar-102.921.061.168.783.453.9145.862.38852.756

28-Feb-103.031.091.188.623.5363.8035.592.4472.623

31-Jan-103.071.031.178.643.6143.8675.572.58832.6925

31-Dec-092.911.051.278.753.8594.2095.852.8092.938

30-Nov-092.821.071.598.563.7363.9515.742.6672.3563

31-Oct-092.951.321.548.794.0764.2725.842.7542.728

30-Sep-092.931.481.628.764.1924.3135.832.71152.6925

31-Aug-092.601.441.658.424.1854.4335.822.7482.7838

31-Jul-092.521.511.748.164.264.7455.642.7523.005

30-Jun-092.962.022.458.504.8875.3815.542.8662.93

xxxx0.00000.0000xxxxxxxxxxxxxxx

Summary

AUS BBB 5-Year Spread

EUR BBB 5-Year Spread

US BBB 5-Year Spread

Spread (%)

5-Year BBB Spreads

Request Builder

START-OF-FILEUS 5 year swapUS 5 Year IndexAus 5 year SwapAus 5 year BBBEur 5 year SwapEUR 5 year IndexGBP 5 year swapGBP 5 year Index

RUNDATE=20200427USSWAP5 CMPT CurncyIGUUBC05 IndexUSD 5Y SpreadADSWAP5 CurncyBVCSAB05 IndexAUD 5Y SpreadEUSA5 CurncyBVCSBC05 IndexEUR 5Y SpreadBPSW5 CurncyBVCSGU05 IndexGBP 5Y SpreadSTART SECURITYADSWAP5 CurncyPX_LASTSTART SECURITYEUSA5 CurncyPX_LASTSTART SECURITYBPSW5 CurncyPX_LASTSTART SECURITYBVCSBC05 IndexPX_LASTSTART SECURITYIGUUBC05 IndexPX_LASTSTART SECURITYBVCSGU05 IndexPX_LAST

PROGRAMFLAG=oneshotSTART SECURITYBVCSAB05 IndexPX_LAST1/2/064.878005.725003.2595004.6800ADSWAP5 Curncy1/2/065.725EUSA5 Curncy1/2/063.2595BPSW5 Curncy1/2/064.68BVCSBC05 Index4/26/190.46IGUUBC05 Index4/26/193.316BVCSGU05 Index4/26/192.023

FIRMNAME=dl351954BVCSAB05 Index4/26/192.7451/3/064.874005.669003.2376004.5600ADSWAP5 Curncy1/3/065.669EUSA5 Curncy1/3/063.2376BPSW5 Curncy1/3/064.56BVCSBC05 Index4/29/190.46IGUUBC05 Index4/29/193.332BVCSGU05 Index4/29/192.021

COMPRESS=yesBVCSAB05 Index4/29/192.7651/4/064.8135005.635003.1396004.5162500ADSWAP5 Curncy1/4/065.635EUSA5 Curncy1/4/063.1396BPSW5 Curncy1/4/064.51625BVCSBC05 Index4/30/190.458IGUUBC05 Index4/30/193.305BVCSGU05 Index4/30/192.039

FILETYPE=pcBVCSAB05 Index4/30/192.7411/5/064.8025005.635003.131004.53500ADSWAP5 Curncy1/5/065.635EUSA5 Curncy1/5/063.131BPSW5 Curncy1/5/064.535BVCSBC05 Index5/2/190.454IGUUBC05 Index5/1/193.32BVCSGU05 Index5/1/192.018

REPLYFILENAME=2704DHpresentation.csvBVCSAB05 Index5/1/192.7191/6/064.801005.65003.1363004.562500ADSWAP5 Curncy1/6/065.65EUSA5 Curncy1/6/063.1363BPSW5 Curncy1/6/064.5625BVCSBC05 Index5/3/190.45IGUUBC05 Index5/2/193.374BVCSGU05 Index5/2/192.028

DATEFORMAT=ddmmyyyyBVCSAB05 Index5/2/192.721/9/064.7955005.625003.1484004.587500ADSWAP5 Curncy1/9/065.625EUSA5 Curncy1/9/063.1484BPSW5 Curncy1/9/064.5875BVCSBC05 Index5/6/190.446IGUUBC05 Index5/3/193.357BVCSGU05 Index5/3/192.056

DATERANGE=2006010120200427BVCSAB05 Index5/3/192.7311/10/064.811005.665003.1856004.60500ADSWAP5 Curncy1/10/065.665EUSA5 Curncy1/10/063.1856BPSW5 Curncy1/10/064.605BVCSBC05 Index5/7/190.438IGUUBC05 Index5/6/193.331BVCSGU05 Index5/7/192.034

PROGRAMNAME=gethistoryBVCSAB05 Index5/6/192.6851/11/064.8535005.675003.2139004.587500ADSWAP5 Curncy1/11/065.675EUSA5 Curncy1/11/063.2139BPSW5 Curncy1/11/064.5875BVCSBC05 Index5/8/190.441IGUUBC05 Index5/7/193.304BVCSGU05 Index5/8/192.028

BVCSAB05 Index5/7/192.7271/12/064.8575005.6315003.1755004.56500ADSWAP5 Curncy1/12/065.6315EUSA5 Curncy1/12/063.1755BPSW5 Curncy1/12/064.565BVCSBC05 Index5/9/190.455IGUUBC05 Index5/8/193.327BVCSGU05 Index5/9/192.039

# Automatically generated by Bloomberg Data License Request Builder version 7.0.0BVCSAB05 Index5/8/192.6931/13/064.842005.58003.1641004.5300ADSWAP5 Curncy1/13/065.58EUSA5 Curncy1/13/063.1641BPSW5 Curncy1/13/064.53BVCSBC05 Index5/10/190.47IGUUBC05 Index5/9/193.308BVCSGU05 Index5/10/192.042

# Build Code: 000000000100000009BVCSAB05 Index5/9/192.6631/16/064.785005.605003.1765004.527500ADSWAP5 Curncy1/16/065.605EUSA5 Curncy1/16/063.1765BPSW5 Curncy1/16/064.5275BVCSBC05 Index5/13/190.478IGUUBC05 Index5/10/193.317BVCSGU05 Index5/13/192.027


START-OF-FIELDSBVCSAB05 Index5/13/192.6691/18/064.723005.5875003.185004.49500ADSWAP5 Curncy1/18/065.5875EUSA5 Curncy1/18/063.185BPSW5 Curncy1/18/064.495BVCSBC05 Index5/15/190.478IGUUBC05 Index5/14/193.271BVCSGU05 Index5/15/192.019

PX_LASTBVCSAB05 Index5/14/192.6441/19/064.7815005.635003.2619004.5472500ADSWAP5 Curncy1/19/065.635EUSA5 Curncy1/19/063.2619BPSW5 Curncy1/19/064.54725BVCSBC05 Index5/16/190.476IGUUBC05 Index5/15/193.233BVCSGU05 Index5/16/192.015

END-OF-FIELDSBVCSAB05 Index5/15/192.6441/20/064.784005.61003.2711004.558500ADSWAP5 Curncy1/20/065.61EUSA5 Curncy1/20/063.2711BPSW5 Curncy1/20/064.5585BVCSBC05 Index5/17/190.475IGUUBC05 Index5/16/193.255BVCSGU05 Index5/17/191.999


TIMESTARTED=Mon Apr 27 10:42:53 JST 2020BVCSAB05 Index5/17/192.6031/24/064.7905005.63003.2959004.5700ADSWAP5 Curncy1/24/065.63EUSA5 Curncy1/24/063.2959BPSW5 Curncy1/24/064.57BVCSBC05 Index5/21/190.501IGUUBC05 Index5/20/193.281BVCSGU05 Index5/21/192.049

START-OF-DATABVCSAB05 Index5/20/192.651/25/064.8255005.755003.3428004.61500ADSWAP5 Curncy1/25/065.755EUSA5 Curncy1/25/063.3428BPSW5 Curncy1/25/064.615BVCSBC05 Index5/22/190.504IGUUBC05 Index5/21/193.31BVCSGU05 Index5/22/192.025



























































BVCSAB05 Index8/13/191.9944/18/065.4005006003.8522004.9222500ADSWAP5 Curncy4/18/066EUSA5 Curncy4/18/063.8522BPSW5 Curncy4/18/064.92225BVCSBC05 Index8/13/190.002IGUUBC05 Index8/14/192.583BVCSGU05 Index8/14/191.447

BVCSAB05 Index8/14/1924/19/065.326006.035003.8598004.9400ADSWAP5 Curncy4/19/066.035EUSA5 Curncy4/19/063.8598BPSW5 Curncy4/19/064.94BVCSBC05 Index8/14/19-0.005IGUUBC05 Index8/15/192.507BVCSGU05 Index8/15/191.44

BVCSAB05 Index8/15/191.994/20/065.38006.07003.8616004.922500ADSWAP5 Curncy4/20/066.07EUSA5 Curncy4/20/063.8616BPSW5 Curncy4/20/064.9225BVCSBC05 Index8/15/19-0.03IGUUBC05 Index8/16/192.51BVCSGU05 Index8/16/191.487










BVCSAB05 Index8/29/1925/4/065.5135006.235003.961005.157500ADSWAP5 Curncy5/4/066.235EUSA5 Curncy5/4/063.961BPSW5 Curncy5/4/065.1575BVCSBC05 Index8/29/19-0.023IGUUBC05 Index8/30/192.461BVCSGU05 Index9/2/191.417






















































































BVCSAB05 Index1/2/202.2389/1/065.184006.22003.795005.0500ADSWAP5 Curncy9/1/066.22EUSA5 Curncy9/1/063.795BPSW5 Curncy9/1/065.05BVCSBC05 Index12/31/190.405IGUUBC05 In

Documents

Managing through challenging times: The Future of Tax and ......Wilbert Kannekens. Head of Tax KPMG in the Netherlands. E: [email protected] Leif Zierz. Global Head of Deal