Syndicated middle market sponsored volume tanked in 3Q18

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The summer of 2018 was not noteworthy for those middle market lenders that focus on sponsored deals. Syndicated issuance took a nose dive to just US$13.7bn in 3Q18, down 43% and 30% from 2Q18 and 3Q17 levels respectively. “We are only able to get crumbs in terms of allocations on the bigger middle market deals, there is too much liquidity out there and not enough volume,” said a BDC lender.