Having reached a high of over US$617bn globally in 2021, sustainable loan issuance has tapered off in the last two years. By the end of 2023, less than US$438bn of issuance was completed via the broadly syndicated loan market as corporate issuers weighed concerns around incremental scrutiny on SLL financings including the risk of being accused of greenwashing. So far this year, US$188bn in SLL issuance has been completed down from nearly US$199bn at the same time last year.
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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…
US leveraged loan issuance rebounds in September
Following three consecutive months of declining issuance, the US leveraged loan market has reversed course in September. Approximately $48.7b of…
Reversion to the Mean
Climbing toward the average is a very different story than surpassing it.