Leveraged Loan Insight & Analysis – 1/29/2024

Daily Analytic: Direct lending comprised 59% of US LBO volume in 2023


Execution risk drove more LBO issuers towards the direct lending market last year. US direct lending LBO volume totaled US$57.8bn in 2023, 38% lower year-over-year. Last year’s total comprised 59% of overall US LBO loan volume, easily an all-time high, topping 2022’s 45% share.