The U.S. loan market continued to cool in the third quarter, amid an uncertain economic outlook. Geopolitical risks, rising interest rates and a continued threat of recession have caused lenders to focus on credit quality as the volume of new issuances decreased. Despite such continuing volatility, some market segments, including private credit, remained relatively active and are anticipated to keep apace into early 2023.

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