August volume hit a three-year high as borrowers flocked to market ahead of election season.

The deal includes a mix of sterling high-yield bonds and euro term loans that will launch to syndication soon.

Debt collectors have been hit by a range of challenges, and some have taken steps to restructure their debt.

The increase from €100B is based on the bank’s expectation of a heavy fundraising season ahead as issuers lock-in lower bond yields.

Commitments to the loan deal are due by noon ET Thursday, Sept. 5.

Firm demand for credit has not been enough to support all names as uncertainty about rates, consumer confidence and technological change weighs across sectors.

Distressed investors noted the rise of co-op agreements in restructurings to counter rising sponsor sophistication.

Leveraged finance markets plunged in recent sessions as investors reassessed the health of the economy following weak economic data.

European high-yield is “barely pricing any recession risk,” according to the bank.

Given its size, the deal is likely to be syndicated across both high-yield bonds and leveraged loans.

New deals in June cleared the primary at an average 7.66% yield, shaving off more than half a point from May.

Earnings continue to suffer from the burgeoning costs of Hertz’s bet on electric vehicles.

The three-part loan will be a minimum of roughly €1 billion, and will redeem Ardagh’s $700 million, 5.25% secured bonds due 2025 and repurchase unsecured debt.

Senior-only loans grabbed the lion’s share of European leveraged finance transactions in the first quarter.

Bond volume to address refinancing needs surged to more than $64 billion in the first quarter, reflecting a lofty 76% share of the full-quarter volume. That share was 63% in the first quarter last year.

The chunky volume of private credit facilities refinanced in Europe’s broadly syndicated loan market is a strong source of new-money supply, but cash-rich direct lenders are responding to the challenge and cutting margins on key takeout targets.

The cost to issue fresh paper hit a 19-month low in February, even after a sharp rise in Treasury rates.

Banks and direct lenders could collaborate on large deals via “hybrid” structures, whereby high yield bonds or loans sit alongside unitranche financing.