3Q20 US loan volume lowest since 1Q10;
1-3Q20 down 29% y-o-y

Chart

Against the backdrop of a second quarter that saw GDP down 30% and a relatively orderly calendar of refinancings and repayment of loan drawdowns, 3Q20 marked a surprising bounce in in the market with GDP up an expected 20-25%, a surge in the equity markets and record bond issuance.