Wholesale is the top sector for non-sponsored MM volume this year
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.