Middle market non-sponsored syndicated M&A jumped to US$4.4bn in 3Q21

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The non-sponsored middle market added another strong quarter to the books. While issuance was slightly down from 2Q21, it was a very busy summer with total volume of US$30.3bn in 3Q21. This was the highest level for a third quarter since 2014.
 
Moreover, new money lending hit its highest quarterly level since 2006. US$4.44bn of new money lending came from M&A activity, just above 4Q17’s US$4.39bn, which represented the highest post-financial crisis level.