Risky debt issuance has stalled in the US: Low-rated US corporations have issued less than 1 billion in bonds in April, the lowest in at least 4 years. At the same time, leveraged loan issuances have reached 13 billion. High-yield corporate bonds and leveraged loan issuances have are ~10 TIMES lower than during the same period last year. Leverage loans are typically used to finance M&A, refinance debt, or general business activity, all of which are slowing down, Uncertainty is halting the debt market.