In 4Q22, syndicated middle market lending posted its lowest quarter since 1Q21 amid bouts of market volatility and economic uncertainty. Issuance declined to US$35.5bn in the most recent quarter from US$40.1bn in 3Q22 and was also far below the US$52bn posted in 4Q21. On a full-year basis, issuance amounted to US$170bn in 2022, 10% below the 2021 figure. Drilling deeper, syndicated middle market sponsored lending amounted to US$42bn in 2022, down from US$65bn in 2021. In comparison, non-sponsored lending held up better. Non-sponsored issuance of US$129bn in 2022 topped the US$124bn posted in 2021. Though in the most recent quarter, volume declined by 5% to US$29bn and also fell short of the US$35bn posted in the year-ago period.
(Past performance is no guarantee of future results.)
Business of Private Credit: Coming Home
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