US syndicated lending returned to pre-Covid levels in the first quarter, as borrowers secured refinancings to cut costs from Covid-peaks and M&A deals re-emerged having been postponed last year. US borrowers raised US$590bn in the first quarter, up 59% from the fourth quarter and 7% higher than the first three months of 2020. Strong demand and limited new money supply in the first quarter drove leveraged refinancings to US$226bn and total leveraged lending to US$327bn. Both figures are just shy of three-year highs.
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