US middle market syndicated loan volume reached US$27.8bn in 2Q23, down 53% from 2Q22 and 7% quarter-over-quarter. Sponsored syndicated loan volume was on par with 1Q23, but was down 60% year-over-year, while non-sponsored issuance of US$20.9bn in 2Q23 was 50% lower year-over-year and 10% lower than 1Q23. Not surprisingly, 70% of all respondents to Refinitiv LPC’s 3Q23 Middle Market Outlook Survey said they were not able to lend as much as they wanted to in 2Q23. A lack of quality deals, the lingering impact of high rates and threat of economic recession, and the buyer-seller mismatch, were the most common reasons cited by these lenders.
(Past performance is no guarantee of future results.)
Latest news
US Leveraged Loans Return 3.36% to Investors YTD
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.96% in August and has gained an additional 0.28% through September…
PE dry powder
The capital that is being raised is flowing overwhelmingly to the largest, most established managers.
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 11.7% as…