Plodding revival: loan markets prop up quarterly volumes as HY issuances tone down
Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets rose 26% year-on-year (YoY) to USD 466bn in the first nine months of 2023. Although issuance bounced back from the lows of last year as market conditions improved and spreads tightened, in the absence of a meaningful mergers & acquisitions (M&A)/leveraged buyout (LBO) pipeline, LevFin volumes still lagged well behind historical levels.
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