After a revival in 2018, syndicated tending in Asia-Pacific, excluding Japan, in the first three months of 2019 plunged to its lowest quarterly tally in seven years, with only US$76.40bn raised as geopolitical tensions continued to depress borrowing activity. Lending dropped 39% in the first quarter this year compared with US$125.11bn raised in the corresponding period last year and the US$124.5bn tally in the fourth quarter of 2018, despite a surge in M&A lending in Hong Kong and Australia that saw several large take-private buyouts as Asia's leveraged loan market continued to grow. The number of deals completed fell to 189 in the first quarter, which was 46% lower than 352 loans a year earlier, as activity fell in most Asian countries.
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