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  "documentTitle": "European Distressed Credit Watch List",
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      "text": "There was only one bond default in Q1'16, namely CB Intercommerz Ltd., a Russian Bank",
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      "text": "High-yield bond default rates decreased in March 2016, with S&P reporting a default rate of 1.6%, down from 2.3% in 4Q'15",
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      "text": "There was a net easing of credit standards in the period driven by increased competition, while risk perceptions and banks' reduced cost of funds also had a marginal impact",
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      "text": "Major issuers during the quarter were Faurecia SA , Fiat Chrysler Automobiles NV, HeidelbergCement AG, Intelsat Jackson Holdings SA, Lincoln Finance Ltd, Telecom Italia SpA, ThyssenKrupp AG and Southern Gas Corridor CJSC",
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      "text": "The quarterly decrease in leveraged finance in 1Q'16 stems from a large fall in high yield bonds issuance, which decreased by 24.1% QoQ, while leveraged loan issuance increased by 2.9% in the same period",
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      "text": "Credit standards were eased more strongly to large firms than medium and small sized firms. By country, standards were eased to Italy and Germany, remained unchanged in Spain and the Netherlands and continued to tighten in France",
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      "text": "As per the European Central Bank lending survey, improving loan supply conditions and the continued increase in loan demand across all loan categories suggested an on-going recovery in loan growth",
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      "text": "High yield bonds were also the main driver for the YoY fall, decreasing by 73%, while leverage loan issuance decreased by 47% in the same period",
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      "text": "Leveraged finance issuance: €22.6 billion",
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      "text": "Source: AFME",
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      "text": "European leveraged finance issuance decreased in 1Q'16 to €22.6 billion, a 12% QoQ decrease from €25.6 billion in 4Q'15 and a 62.5% YoY decrease from €60.1 billion in 1Q'15",
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      "text": "MARKET HIGHLIGHTS",
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