According to Fitch Ratings' Q1 2017 research into public leveraged debt issuance, now is the best time since 1999 to be looking to raise leveraged debt in Europe.

While market median EVs are at post-global financial crisis highs in excess of 10x EBITDA, median leveraged margins are low (term loan Bs at under 400bps), covenants "loose" and median leverage multiples are back to 2007 levels of c.6x.

Fitch's view of improving GDP in the region has helped ensure that their view on default rates is stable at 1-2%.