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ABL Powers Ahead in Q2 2025 with Surge in New Money, Sponsored Deals, and Longer-Term Credits
September 8, 2025
By The Secured Lender magazine
Asset-based lending (ABL) stormed into the second quarter of 2025 with impressive volume that was a combination of both refinancing activity and new money. Q2 was the third-highest Q2 on record. According to data from LSEG LPC, ABL volume reached $41.9 billion in Q2, marking a 73% increase over Q1 and a 22% rise year-over-year.
The first half of the year (1H25) closed with total ABL issuance of $66 billion—up nearly 30% from the same period in 2024—reflecting a sustained appetite for secured credit in a market defined by macroeconomic headwinds, shifting rate expectations, and rising refinancing needs. It also reflected a high level of refinancing volume driven by upcoming scheduled maturities.
New Money and Sponsored Lending Set New Highs
Perhaps most notably, new money activity hit $20.4 billion in the first half, already matching the total for all of 2024. Of that, $13.3 billion was raised in Q2 alone, more than double the amount from the same quarter last year. This new money activity was a combination of new transactions and upsizings on existing ABL borrowers. Refinancings also kept pace with demand, totaling $45.7 billion in 1H25—an 8% year-over-year increase.
Sponsored ABL activity led the charge, growing 127% quarter-over-quarter in Q2 to $20.6 billion—the second-highest quarterly total on record. This activity was led by several high-profile LBOs requiring larger ABL financings. For the first six months of 2025, sponsored issuance rose 66% to $28 billion. While overall corporate ABL issuance in Q2 dipped 15% year-over-year to $21.2 billion, new corporate lending surged, reaching a record-setting $9.83 billion for the quarter—double the level from Q2 2024.''
Loan Maturity Calendar Drives High Refinancing Volume
A key theme emerging from recent ABL market data is the evolving maturity wall. As of June 30, 2025, outstanding syndicated ABL loan commitments stood at approximately $345.6 billion, a figure that has remained relatively flat over the past five quarters. Yet behind this stability lies a dynamic reshaping of the maturity curve.
Please click here to continue reading.
The first half of the year (1H25) closed with total ABL issuance of $66 billion—up nearly 30% from the same period in 2024—reflecting a sustained appetite for secured credit in a market defined by macroeconomic headwinds, shifting rate expectations, and rising refinancing needs. It also reflected a high level of refinancing volume driven by upcoming scheduled maturities.
New Money and Sponsored Lending Set New Highs
Perhaps most notably, new money activity hit $20.4 billion in the first half, already matching the total for all of 2024. Of that, $13.3 billion was raised in Q2 alone, more than double the amount from the same quarter last year. This new money activity was a combination of new transactions and upsizings on existing ABL borrowers. Refinancings also kept pace with demand, totaling $45.7 billion in 1H25—an 8% year-over-year increase.
Sponsored ABL activity led the charge, growing 127% quarter-over-quarter in Q2 to $20.6 billion—the second-highest quarterly total on record. This activity was led by several high-profile LBOs requiring larger ABL financings. For the first six months of 2025, sponsored issuance rose 66% to $28 billion. While overall corporate ABL issuance in Q2 dipped 15% year-over-year to $21.2 billion, new corporate lending surged, reaching a record-setting $9.83 billion for the quarter—double the level from Q2 2024.''
Loan Maturity Calendar Drives High Refinancing Volume
A key theme emerging from recent ABL market data is the evolving maturity wall. As of June 30, 2025, outstanding syndicated ABL loan commitments stood at approximately $345.6 billion, a figure that has remained relatively flat over the past five quarters. Yet behind this stability lies a dynamic reshaping of the maturity curve.
Please click here to continue reading.
