These are testing times for US lenders. Rising interest rates, the threat of recession and concerns about banking stability continue to cast a shadow over lending activity. Meanwhile, defaults and bankruptcy filings are ticking higher.

These are not the only headwinds. Lenders are also grappling with huge changes in the way they operate their businesses – from the race to integrate ESG-linked borrowing terms to the demise of LIBOR and the need to shift to alternative reference rates.

This report gauges the effect that these and other upheavals are having on lenders and, more importantly, how lenders are responding.

Highlights include:

• Banks are feeling the pressure: Nearly a quarter of respondents say that bank credit tightening in the wake of the banking crisis is having the greatest impact on their organization’s current lending activity.
• Restructuring is on the rise: 74% believe that loan restructuring activity in the US will increase in the next 12 months compared to the past 12 months.
• ESG in focus: 35% of respondents say that greater emphasis on ESG-linked borrowing terms is the most noticeable change in the lending landscape over the past year.