The global syndicated lending market reached record highs through the third quarter, according to new data from LSEG Data & Analytics.
Through the first nine months of the year, syndicated lending activity totalled US$4.7 trillion, which was up 7% compared with the same period last year — representing the highest mark for the period on record.
The Americas region led the way, with total proceeds up 7% to US$3.2 trillion in the period, but European activity grew more quickly, rising 24% compared with a year ago. In the Asia Pacific region, syndicated lending was down by 9% year-over-year to US$385.5 billion.
By sector, the financial industry was the top borrower, accounting for US$914.9 billion worth of syndicated lending activity in the first nine months of the year — followed by the energy & power and industrials sectors.
Lending grew fastest for the consumer staples and retail sectors, LSEG noted.
BofA Securities was the top-ranked bookrunner through the first nine months, knocking JP Morgan out of top spot in the global league tables. Wells Fargo took third place, bumping Citi down to fourth spot, and Mizuho Financial Group held onto fifth place.
Among Canadian firms, RBC Capital Markets was the top firm, taking 10th place in the global rankings, up from 11th spot last year. BMO Capital Markets ranked 15th, TD Securities came in 19th and Scotiabank and CIBC World Markets were 21st and 22nd, respectively.