Loan issuance in the Americas, EMEA and Asia-Pacific (APAC) regions reached USD 1.47tn in 3Q25, according to Debtwire data. These volumes are 12% above 3Q24 and higher than any third quarter on record.

In a quarter usually affected by the summer break in the Northern Hemisphere, the record volume was reached with some help from delayed deals that could not be placed in the second quarter, mainly in the Americas region. Volume reached USD 996bn in 3Q25, 30% over the USD 765bn of 3Q24 and 63% more than the average for third quarters in the past five years.

The EMEA region is also on track to exceed 3Q24 volume, considering that deals priced very late in the quarter could still be added to the pile.

To review further analysis from our report including:

• Liberation Day rebound boost leveraged loans in June and July
• Leveraged loans in Americas are the main factor behind 9M25 high volume
• Refinancing is here to stay
• ESG issuance falls and makes 2Q24 look like an outlier
• Tenors are tighter in Americas and APAC
• Refinancings continue to extend maturity walls