Through the first half of the year, borrowers supplied the leveraged finance market with a significant bump in issuance. Investors are clamoring for more in the second half.

Over $164bn of gross US high yield bond issuance priced in the first half of the year, which has already surpassed 2022 full-year volumes ($125bn) and is well on pace to overtake last year’s supply ($209bn), according to 9fin data.

The volume jump is even more extreme in leveraged loans where banks have priced $688bn of gross supply through the first half of the year, which is more than the last two full years combined.