The U.S. institutional leveraged loan market showed signs of life in Q3, surging to the strongest quarter in 18 months as lender aggressiveness awoke from the grave. While most activity was tied to refinancings, M&A-related volume increased for the third straight quarter, and even dividend recap activity resurfaced, reaching its highest quarterly volume since 2021. However, investors will likely have to wait until 2024 for the broadly syndicated market to fully return.

Highlights of this quarter’s William Blair Leveraged Finance Report include:

  • Analysis of Q3 U.S. institutional loan volume
  • Highlights, analysis, and results from the William Blair Q3 2023 Lender Survey