Syndicated middle market volume sinks 31% in 3Q23

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US syndicated middle market loan volume totaled US$23.6bn in 3Q23, 31% lower than 2Q23 and 41% lower year-over-year. 3Q23’s total was the lowest since 3Q20. Breaking out syndicated middle market lending, non-sponsored volume of US$18.2bn was 34% lower quarter-over-quarter, while sponsored issuance of US$5.4bn was 23% lower than 2Q23.