The European credit markets have slumped to the gloomiest first quarter since 2001, with volumes in leveraged loan-backed buyouts and sales of new corporate bonds plunging to seven year lows amid the credit turbulence.
In the first three months of the year, leveraged loan volumes fell to $4.8bn (â¬3bn) from $115bn recorded in the same period the year before, according to data provider Thomson Financial, as demand for leveraged products buckled under the credit volatility.
