At $167.3bn 2Q21TD institutional activity trails 1Q21 levels

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With two weeks left in 2Q, the pace of institutional loan issuance has eased from 1Q21 bull market levels to log US$167.3bn in volume so far, compared to US$261.8bn recorded in 1Q.

Issuance was broken out between US$94.4bn of new money and US$73bn of refinancing activity. The new money share hovered at about 55% of total institutional volume in April and May but has ticked up to 60.4% in June.