New money financing remains muted as M&A off to slow start in 2025

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At just $35.9b or 11% of volume in Q1 2025, new money financing remains sluggish amid record levels of issuance. At $339.2b, first quarter issuance was among the busiest since Bloomberg began tracking the data in 2013, however that did not translate into the M&A spree many were hoping for.