3Q22 U.S. Leveraged volume down 45%;
HY bonds off 77% y-o-y

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Less than US$182bn of leveraged loans and HY bond issuance was completed in 3Q22, the weakest quarterly results in over six years and a55% drop compared to the same time last year. At US$759bn, 1-3Q22 totals were down almost 45% compared to the year ago period. Market listlessness was largely the result of growing market uncertainty in the context of higher inflation numbers and prospects for economic growth into the fourth quarter.