PitchBook：2026年欧洲信贷市场展望报告（英文版）

Technical drivers led loan pricing tighter through 2025 despite record gross issuance, as new-money supply continued to lag. Banks and investors say any shift toward more balanced conditions will depend largely on a continued recovery in what remains a challenging M&A market. • Bank outlooks point to modest growth in 2026 loan volumes and a healthier mix of new money, but execution will hinge on whether M&A and LBO activity finally reaccelerate. • Fundamentals have softened with downg