The value of global syndicated lending declined in the first quarter, according to new data from LSEG Data & Analytics.
The total value of syndicated lending came in at $1.2 trillion (all figures in U.S. dollars) to start the year, which was down 27% from the fourth quarter of 2024 and down 12% from the same quarter a year ago.
The decline in lending activity came as the volume of loan deals was at a 15-year low and down 28% compared with the same quarter in 2024.
The falloff was led by the Asian region, where the number of deals declined 55% year-over-year and the value of lending dropped 39%, the data showed.
In particular, lending in China slumped by 74% compared to a year ago, LSEG said.
Activity in North America and Europe held up better.
For North America, the volume of deals was down 13% and the value of those transactions was down 5%.
In Western Europe, the volume dropped by 10%, while the value was off by 8% from the previous year.
By sector, the financial industry led the way, with $202 billion worth of deals in the first quarter, down 23% on a year-over-year basis.
The real estate sector was the only space where lending increased in the first quarter, LSEG said.
On a global basis, JP Morgan was the top underwriter in the first quarter, followed by BofA Securities and Wells Fargo, the data showed.
For Canada, BMO Capital Markets ranked first in the underwriter league tables, followed by CIBC World Markets, and TD Securities Inc. Scotiabank and RBC Capital Markets rounded out the top five.
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