US unitranche leverage edges lower, spreads tick higher in 1Q22

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First quarter 2022 US unitranche volume pulled back sharply in both the middle market and large corporate markets as lenders took a breather from the record-setting pace seen in 2H21. Unitranche issuance totaled US$10.1bn in the middle market and US$9.8bn in the large corporate market in 1Q22, down from US$24.9bn and US$39.8bn, respectively, in 4Q21.