The spectacular turnaround in sentiment in the leveraged market resulted in a 137% jump in refinancing activity in the second quarter, reaching US$112bn, up from US$47bn in the first quarter and the highest since 2Q15’s US$165bn. With cash build-up from repayments, investors who had been sitting on the sidelines in the early part of the year amid broader market volatility and heightened risk aversion sought assets at a discount