The European leveraged loan market faces more than €260bn of non-investment grade corporate loan maturities from 2014, as boom-era purchases come up for refinancing, according to new analysis from ratings agency Fitch.

The analysis, based on Fitch's rated portfolio of approximately 270 leveraged credits, highlighted that 2014 will see the European Central Bank's long term refinancing operation expire, while the reinvestment period for many collateralised loan obligations - vehicles that play a key role in the debt syndication process for buyouts - is also set to expire from the beginning of 2014.