1Q-3Q23 US Syndicated ABL volume up 5% to US$127.0bn

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US syndicated ABL volume was up 5% to US$127.0 billion during 1Q-3Q23. The first nine months of 2023 set a new high for the US ABL market, however, a significant portion was completed during the first half as borrowers adopted SOFR based constructs. Only US$12.9 billion was issued during 3Q23, the lowest quarterly result since 3Q20 at the height of the pandemic.