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Market Intersection: A Quarterly Look at the U.S. Credit Markets 2Q 2021

July 28, 2021

By THE FINANCE PRACTICE GROUP

2Q21 US syndicated lending reaches three-year US$764bn high, second busiest quarter on record 


At US$764bn, US syndicated loan volume in the second quarter was more than double 2Q20’s levels and up 9% from the first quarter of this year as borrowers accessed new money to support event-driven financings and refinanced existing debt. Investment grade loan issuance reached a US$329bn record in the second quarter, while leveraged loan issuance of US$298bn was the second busiest in the past three years. “We are significantly ahead of volumes last year. High yield is breaking record after record in terms of volume of issuance in that market,” said one leveraged underwriter.

This report is part of a joint effort with Refinitiv LPC. 

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Contributors

Image: William Brady
William Brady
Partner, Corporate Department

Image: John H Cobb
John H Cobb
Partner, Corporate Department

Image: Jennifer B Hildebrandt
Jennifer B Hildebrandt
Partner, Corporate Department

Image: Frank Lopez
Frank Lopez
Partner, Corporate Department

Image: Phil Ratner
Phil Ratner
Partner, Corporate Department

Image: Christopher G Ross
Christopher G Ross
Partner, Corporate Department

Image: Marisa A Sotomayor
Marisa A Sotomayor
Partner, Corporate Department

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Image: William Brady
William Brady
Partner, Corporate Department
Image: John H Cobb
John H Cobb
Partner, Corporate Department
Image: Jennifer B Hildebrandt
Jennifer B Hildebrandt
Partner, Corporate Department
Image: Frank Lopez
Frank Lopez
Partner, Corporate Department
Image: Phil Ratner
Phil Ratner
Partner, Corporate Department
Image: Christopher G Ross
Christopher G Ross
Partner, Corporate Department
Image: Marisa A Sotomayor
Marisa A Sotomayor
Partner, Corporate Department