US Leveraged-Loan Sales Soar to New High in Record-Breaking July

US leveraged-loan issuance skyrocketed in July as junk-rated borrowers flocked to the market largely to reprice debt, saving companies millions in interest expenses.

July set a fresh record with $222.2 billion in loans launched, surpassing the prior $206.7 billion high set in January, according to data compiled by Bloomberg. During the month, more than 180 new leveraged-loan tranches came through the market, the data showed.