3Q22 syndicated middle market loan issuance tumbled by 37% quarter over quarter amid increased economic uncertainty and market volatility. Lending activity fell to US$35bn in 3Q22 from US$55bn in 2Q22 and was also far below the US$50bn posted in 3Q21. On a year-to-date basis, issuance amounted to US$124bn in 1-3Q22, 9% below the volume posted in the same period last year. In the non-sponsored side of the middle market, syndicated volume declined by 32% in 3Q22 to US$26bn, also falling shy of the US$34bn posted in the year-ago period. New money volume was down a hefty 42% to US$10.7bn in 3Q22, the slowest quarter for new money lending since 1Q21. In the sponsored segment, syndicated middle market lending was muted in the most recent quarter, falling by nearly 50% to US$8.6bn and was down by a similar amount from the same period last year.
(Past performance is no guarantee of future results.)
Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.