US syndicated middle market non-sponsored volume totaled US$82bn in 1Q-3Q21, an over 80% increase year-over-year. Leading the way was the wholesale sector with US$9.5bn in volume, 102% higher than 1-3Q20’s level.
Refinancing activity has been the big driver of wholesale issuance this year, totaling US$6.7bn during 1-3Q21. The next highest sector for non-sponsored middle market volume in 1-3Q21 was oil and gas which racked up $US8.8bn, 67% higher year-over-year, the largest increase across the top 10 sectors. Oil and gas volume has been driven by the highest amount of non-sponsored middle market new money volume so far this year, with US$4.1bn.
The manufacturing sector was the third highest sector for non-sponsored middle market volume in 1-3Q21, totaling US$6.9bn, a 48% increase from 1-3Q20’s level. Overall, there was ten sectors with over US$3bn in non-sponsored middle market volume in 1-3Q21 versus five during the same period last year.
(Past performance is no guarantee of future results.)
Latest news
Behind the Scenes
Climbing toward the average is a very different story than surpassing it.
European mid-market direct lending margins face steady compression since 2024
European mid-market direct lending margins have seen consistent compression over recent years but recorded a slight increase in the second quarter of 2026…
Private Credit Defaults 101: Now Streaming
Every big theatrical release eventually makes its way to streaming. It gives people who missed it in theaters a chance to catch up, and lets those who saw it go back for a second look at what they missed the first time.