Additional testimony as to how the U.S. leveraged loan market has been cooling of late: “New money” leveraged loan issuance totaled $33 billion in May, the lowest monthly number since the dog days of August (when the market is traditionally sleepy), and down sharply from the nearly $70 billion recorded in May 2013.

This chart excludes existing tranches of add-on loans as well as amendments and restatements where no new money was incurred by the issuer.