
Vigorous lending driven by the desire for yield created a banner year for loan markets in 2021. Per S&P Global Leveraged Commentary and Data (LCD), the “U.S. leveraged loan market is on a record pace for issuance in 2021,” with total institutional loan volume at $487 billion as of the end of Q3 2021.1 As a result, the U.S. loan markets have drawn in $25.9 billion in investor inflows, while the volume of primary Collateralized Loan Obligation (CLO) issuance reached $46.