Direct lenders grab a larger share of large corporate volume

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As the US leveraged loan market continued to slow amidst wider market volatility in 3Q22, direct lenders stepped in, taking a greater share of large corporate leveraged loans. Private credit to US large corporate borrowers, those with revenues or loan sizes US$500m or higher, amassed US$42bn in volume last quarter, 12% higher than 2Q22 and the third highest quarterly level since the beginning of 2021.