Aided by an increase in junior debt, total leverage on
large corporate US LBO loans increases to 7x this quarter

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LBO activity in the US syndicated loan market remains robust this quarter. 3Q19 completed and in process LBO volume totals over US$23bn as new money deals continue to be a driver of leveraged lending. Meanwhile, total debt to Ebitda levels on large corporate LBOs remain high, averaging 7.0x for so far this quarter, an increase over 2Q19’s 6.5x level.