Banks Not Lending? Volume Just Passed Trillion Mark
In 2010 it took almost a whole year to get $1 trillion loan volume. This year it took barely seven months.
Loans surpassed the trillion-dollar mark this week, a number it didn’t hit last year until Dec. 3, according to research from Dealogic.
But the news might not be as good as it looks.
More than half the total loan volume of $1.02 trillion has come through refinancing, meaning this isn’t exactly fresh money that’s hitting street but rather rollovers from previous debt.
The total refi amount of $542 billion is a 143 percent increase from the same period in 2010.
California helped put volume over the top with a $5.4 billion bridge loan, while Express Scripts on Monday announced a $14 billion facility to help in its acquisition of Medco Health Solutions , which will be the fourth largest loan of the year.
Dealogic says JPMorgan chase leads bookrunners for loans, with a 22.7 percent share.
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