2013 ABL Volume Weighed Down by Refinancings

At just over $57 billion, Q1/13-Q3/13 ABL volume is comparable to the same period last year. However, less than 21% of ABL lending this year represents new loan assets. In a trend consistent with that of the broader leveraged loan market, lending during both years was heavily weighted toward refinancings, as issuers push out maturities and reduce spreads on existing credits.