New money issuance drops in 2023
Source: Debtwire Par
While overall leveraged loan issuance was down 23% year on year to USD 225bn at the end of the first quarter, refinancing activity gained 35% year-on-year for all loans and 30% for institutional facilities. This reflects the significant lack of M&A activity driving issuance contrasting the elevated necessity of pushing out existing debt maturities.