Syndicated lending in Europe, the Middle East and Africa in 2017 dropped 2% to US$894bn from the 2016 total, as a result of subdued refinancing activity in the first half and patchy acquisition financing throughout the year. 2017's annual volume is the lowest since 2012, when US$703bn was raised, as low commodity prices, European elections and continuing uncertainty around Brexit, Donald Trump and North Korea constrained borrower appetites, despite the highly attractive terms still on offer.
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