Leveraged Loan Insight & Analysis – 4/25/2022

US unitranche leverage edges lower, spreads tick higher in 1Q22


First quarter 2022 US unitranche volume pulled back sharply in both the middle market and large corporate markets as lenders took a breather from the record-setting pace seen in 2H21. Unitranche issuance totaled US$10.1bn in the middle market and US$9.8bn in the large corporate market in 1Q22, down from US$24.9bn and US$39.8bn, respectively, in 4Q21.