1Q20 MM non-sponsored syndicated loan issuance mirrored 1Q19’s dire levels

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At US$16bn, 1Q20 non-sponsored issuance was down 25% from 4Q19 and was on par with 1Q19, which was the slowest 1Q since 1Q10. After a slow start in January, issuance picked up in February and was flat in March. According to bankers that focus on this space, the market was chugging along, and the pipeline was decent pre COVID-19.