Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets reached USD 509bn in 1Q25 year-to-date (YTD), broadly in line with the first quarter of 2024 and 6% down on 4Q24. Market conditions remained largely positive for issuance during the first quarter, despite bouts of volatility arising from US President Donald Trump’s aggressive and unpredictable tariff policies, and wider macro and geopolitical uncertainty.
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