JP Morgan leads tops globally underwriter rankings,.

The value of global syndicated lending declined in the first quarter, according to new data from LSEG Data & Analytics.

The total value of syndicated lending came in at $1.2 trillion to start the year, which was down 27% from the fourth quarter of 2024 and down 12% from the same quarter a year ago.

The decline in lending activity came as the volume of loan deals was at a 15-year low and down 28% compared with the same quarter in 2024.

The falloff was led by the Asian region, where the number of deals declined 55% year-over-year and the value of lending dropped 39%, the data showed.

In particular, lending in China slumped by 74% compared to a year ago, LSEG said.

Activity in North America and Europe held up better.

For North America, the volume of deals was down 13% and the value of those transactions was down 5%.

In Western Europe, the volume dropped by 10%, while the value was off by 8% from the previous year.

By sector, the financial industry led the way, with $202 billion worth of deals in the first quarter, down 23% on a year-over-year basis.

The real estate sector was the only space where lending increased in the first quarter, LSEG said.

On a global basis, JP Morgan was the top underwriter in the first quarter, followed by BofA Securities and Wells Fargo, the data showed.