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It appears that 2004 was a record year for US syndicated loan issuance, signifying the robust growth of the asset class over recent years. Indeed, 2004s loan volume total shattered all previous totals for US syndicated loan volume on record (dating back to 1983), with overall volume nearing $1.35 trillion and US leveraged loan volume totaling some $486 billion, according to Thomson Financial data.
Total US syndicated loans were up by nearly $364 billion, or 37%, over 2003 levels and 9% over 2000 levels. The leveraged loan market also saw a significant boost from 2003, as volume shot up by over $115 billion, or 31%, over last years total, and rose about $80 billion, or roughly 20%, over 2000 levels. Furthermore, fourth quarter totals were significantly higher than 2003s, at roughly $393 billion, although the second quarter was the strongest quarter last year, bringing in nearly $407 billion in issuance.
Even so, although the numbers seemed to paint a picture of prolific loan supply in 2004, issuance still could not keep up with demand last year, as...