October 5, 2021
2 min
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At a Glance: Middle Market Leverage Multiples 2021 – Lenders Stretch

Most lenders have had to stretch usual lending terms to gain more business.
  • Average middle market company leverage multiples have increased to a record 6.0x, up from 4.2x in 2011
  • Most lenders have indicated they have decreased pricing, reduced covenant levels to gain business
  • Negative equity returns for September have had no material impact on the corporate loan market in Canada
  • Defaults are expected to remain low, corporate insolvencies declined 17% YoY
  • ESG continues to be a trend, as lenders begin to look at these factors


Canadian Capital Markets Briefing – Q2 2021 update | EY Canada

Capital Markets Watch quarterly: PwC


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