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New money deals to rebound, boosted by M&A revival under Trump – Leveraged Finance & Private Credit Outlook

The US leveraged finance market is poised for a year of high issuance, M&A resurgence and robust demand for both syndicated debt and private credit. Yet, uncertainty regarding monetary policies under the new administration is prompting some investors to adopt a selective and cautious approach in what could be a volatile year.

Market participants are bullish on 2025 new issuance volumes, driven by refinancings at the start of the year and an uptick in M&A and LBO activity moving forward.

Deutsche Bank’s co-head of leveraged debt for North America, Sandeep Desai, projects total issuance, excluding repricings, to average between USD 500bn to USD 600bn this year. However, rising 10-year Treasury yields, currently at 4.61%, could temper this figure to USD 300bn-400bn, he added.

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