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ARTICLE · 30 OCTOBER 2025

Leveraged Finance Market Update

Weil, Gotshal & Manges LLP
Weil, Gotshal & Manges LLP
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Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP

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The U.S. leveraged loan market rebounded slightly in the latter half Q2'25 after a sharp drop in early April while the U.S. high-yield bond market made a rapid recovery in May and June. For 15 consecutive days in April...

United StatesFinance and Banking
Benton Lewis
Benton Lewis
Laura Ceitlin
Laura Ceitlin
Tess Savage
Tess Savage
Heather Emmel
Heather Emmel
Gabriella Leonovicz
Gabriella Leonovicz
Graham Price
Graham Price

SMART SUMMARY

  • After Q2'25 disruption, the leveraged loan market rebounded in Q3'25 culminating in the highest quarterly total for syndicated loan activity in Q3'25.
  • Refinancings, repricings and extensions lead the leveraged loan market, with new money issuance remaining at low levels.
  • The high-yield bond market continued to set new records in Q3'25, with the highest quarterly volume since Q2'21, the busiest September ever and the third highest monthly volume on record.

Q2'2025 Recap

The U.S. leveraged loan market rebounded slightly in the latter half Q2'25 after a sharp drop in early April while the U.S. high-yield bond market made a rapid recovery in May and June. For 15 consecutive days in April, no broadly syndicated loan transactions launched in the United States, representing the longest period of inactivity since early 2020.1 However, by the end of Q2'25, leveraged loan prices were up 80 bps and June marked a 4-month high for total issuance with

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