The refinancing wave is still going strong in the leveraged finance market even despite this week’s overall market volatility.

“We had a 3.5% correction in the S&P. If it becomes more like 10%, I think a lot of new issue will be tougher to get done,” said a portfolio manager. “A lot of companies are saying, ‘Why take that risk? The market is there for me now, let me just continue to refinance.’”