1-3Q19 Leveraged issuance down 32%;
Institutional volume at 5 year low

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The 3Q19 leveraged market logged just over US$245B of issuance, flat from year ago levels, to push 1-3Q19 totals to US$762B, the lowest nine month total in seven years. Most of the shortfall can be traced to hints of market stress which have contributed to a bifurcated pipeline of credits and increased investor selectivity in the institutional loan market.