HY bond issuance leads post-Liberation Day recovery as LevLoans markets regain momentum
Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets fell 22% year-on-year (YoY) to USD 814bn-equivalent in the first half of 2025, as tariff-induced volatility dampened primary activity at the start of the second quarter. However, LevFin markets subsequently recovered from the turmoil that followed the US President’s 2 April Liberation Day announcement, finishing the quarter with a proliferation of issuance.
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