Refinancings drove record 1Q26 US ABL volume, excluding the 1Q23 LIBOR/SOFR surge

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US syndicated ABL activity rose sharply in 1Q26, with total issuance reaching US$29.9bn, up 31% year-over-year and marking the strongest first quarter on record when excluding the LIBOR‑to‑SOFR transition driven surge in 1Q23.