Consistent with behavior observed across the leveraged cash flow market, the asset based loan market saw a marked drop off in issuance in 3Q18, completing less than US$17bn in deals via retail syndication. These results represented a 45% decline in volume quarter over quarter and a 41% drop year over year. At US$65.8bn 1-3Q18 issuance was down 16% compared to the same time last year. Despite the smaller totals, the mix of deals showed a bit more promise than what we have seen over the past few years. Almost 33% of year to date issuance has come in the form of new ABL assets, up from 28% at the same time last year. Nearly 18% of total ABL lending during the first nine months of the year represented M&A financing, the highest pro rata share of issuance since 2008.
Contact: Maria Dikeos
maria.dikeos@refinitiv.com
Latest news
3Q26 New loan assets as proportion of total lending edge up to 44%, highest level in 3 years
New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…
North American GPs dominant as fundraising accelerates
Our PEI Private Credit 200 ranking also shows capital raising increasing overall – and accelerating especially fast for the largest…
PE exit activity
Exit value fell to $102.6 billion in the second quarter—down 46.3% from the prior quarter and 7.4% YoY—while exit count dropped to 353, a 14.1% quarterly decline and a 5.4% rise against Q2 2025.