KBRA DLD records $39B for 3Q22 volume, tops BSL & HY combined

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Direct lending volume topped output for liquid credit in the third quarter for the first time since KBRA DLD started tracking this data in January 2021. New issuance for US sponsored direct lending finished at $39 billion, nudging ahead of the $38 billion recorded for high yield and institutional leveraged term loans combined, per Pitchbook LCD. Keep in mind that KBRA DLD captures only a slice of this opaque market, and the actual new-issue tally is far higher.