31
Trends in the Leveraged Lending Market

Global Leveraged Loan Issuance Volume Doubled in 2021

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

(dollars in billions)

U.S. Europe 750 500 250 $1,000 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21

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

Sources:  LCD:  an offering of S&P Global Market Intelligence; S&P Global Fixed Income Research

Annual Maturities for Speculative-Grade Term Loans Rise to $264 Billion in 2026

Annual Maturities for Speculative-Grade Term Loans

(dollars in billions)

'22
'23
'24
'25
'26
$31
$76
$217
$264
$239

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

Data as of 1/1/2022

Source:  S&P Global Ratings Research

Loans Grew as a Share of Leveraged Finance Issuance in 2021

U.S. Leveraged Loans and Speculative-Grade Bonds

(dollars in billions)

600 400 200 $800 75 65 55 85% ’18 ’19 ’20 ’21 ’17 ’16 ’15 ’14 ’13 n Leveraged loans $607 $528 $433 $482 $650 $625 $492 $395 $798n Speculative- grade bonds $279 $241 $210 $188 $239 $143 $216 $347 $386 Leveraged loan % of total 69% 69% 167% 172% 173% 181% 69% 53% 67% Loans/Bonds % of Total

Note:  Data through 12/31/2021

SourcesThomson; LCD:  an offering of S&P Global Market Intelligence; and S&P Global Ratings Research

Total leveraged loan issuance was more than $950 billion globally in 2021