Ratings: 38
Trends in the Leveraged Lending Market

Global Leveraged Loan Volume Fell in 2022 Amid Rising Rates and Market Uncertainty

Leveraged Loan Issuance Volume Syndicated in U.S. and Europe

(dollars in billions)

0 250 500 750 1000 U.S. Europe 2021 iH 2020 1H 2020 2018 2001 U.S. Europe 750 500 250 $1,000 ’00 0 250 500 750 1000 US Europe ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22

Note:  Includes institutional and pro rata loan issuance, rated and unrated

Sources:  PitchBook | LCD

Annual Speculative-Grade Term Loan Maturities Surpass $400 billion in 2028

Annual Maturities for Speculative-Grade Term Loans

(dollars in billions)

'23
'24
'25
'26
'27
'28
$35
$142
$223
$218
$247
$423

Notes:  Includes term loans that are rated ‘BB+’ or lower by S&P Global Ratings from U.S. issuers

Data as of 1/1/2023

Source:  S&P Global Ratings Credit Research & Insights

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Loans Grew as a Share of Leveraged Finance Issuance in 2022 as Bond Volume Fell More Steeply

Annual U.S. Issuance Trends

(dollars in billions)

600 400 200 $800 75 65 55 85% % Leveraged Loans/Bonds ’18 ’19 ’20 ’21 ’22 ’17 ’16 ’15 ’14 ’13 ’13 Leveraged loans $607 $528 $433 $482 $650 $625 $492 $395 $799 $ 445 Speculative-grade bonds $279 $242 $209 $187 $239 $143 $214 $346 $382 $ 92 Leveraged loans % of total 69% 69% 167% 172% 173% 181% 70% 53% 68% 83% Leveraged Loans/ Speculative-grade Bonds Leveraged LoansPercent of Total 0 175 350 525 700 Speculative-grade bonds (left axis) 0 200 400 600 800 Speculative-grade bonds (left axis) Leveraged loans (left axis) 45 55 65 75 85

Note:  Data through 12/31/2022

Sources:  Refinitiv; PitchBook | LCD; S&P Global Ratings Credit Research & Insights 

Total leveraged loan issuance was approximately $500 billion globally in 2022