At the risk of repetition, the previous quarter saw a flood of new issuance, which gave law firms plenty of mandates to fight over, and managers and investors plenty of chance to debate documents.

In the US we saw $129bn of issuance from 291 deals in the quarter across the BSL and middle-market universes, as managers increasingly looked to reset a wider range of vintages, including some with lower financing costs than previously considered economical for resetting.

Resets also came back into the European market, which turbocharged volumes on top of the regular flow of new deals, and warehouse openings have also been steady.