Syndicated lending in Asia Pacific (ex-Japan) for the period to June 2016 was down 13 per cent to US$211 billion, compared to loan volumes for same period last year. The number of loans transacted totalled 573, well down on the 760 deals completed in the corresponding period in 2015. The drop in loan volumes in the first six months of 2016 is the third consecutive half-year decline since the end of 2014, according to Thomson Reuters' Asia Pacific loan market statistics report. Among the main lending categories, 'financing' accounted for 33 per cent of loans closed in Asia Pacific (ex-Japan), reaching US$69.2 billion during the first half of 2016. Mergers and acquisitions accounted for US$24.1 billion of volume over this time. Commentary by Thomson Reuters' analysts was unsurprising: "Uncertainty and volatility in global financial markets have increased in the aftermath of Britain's vote last week to leave the European Union," they wrote. "Other political events on the calendar such as national elections in Australia in early July, the appointments of a new prime minister in the UK and a new central bank governor in India, and the presidential elections in the US in November will add to the uncertainty." The analysts also pointed out that "loan bankers are looking forward to some jumbo transactions that are in the pipeline, including those for AusGrid, China National Chemical Corp and Malaysia's Petroliam Nasional Bhd". This was, Thomson Reuters analysts said, the continuation of a trend set up by earlier declines, as the region reels from the economic slowdown in China. In this environment, "lenders have leapt at any opportunity for loans backed by high-grade credits". As a result, transactions for Chinese technology companies such as Alibaba Group, Baidu Inc and Tencent Holdings Ltd, along with other blue chips like Hong Kong's MTR Corp Ltd have met with a strong reception. Australia and New Zealand closed 81 deals with a total volume of US$33.4 billion in the first half of 2016. In June, the region put together ten deals amounting to US$2.5 billion. Over 80 per cent of the funds raised in June were used for 'refinancing purposes', according to the report. ANZ, at number five (down one spot from last time) is the highest ranked Australian bank on the "mandated arranger" league table for the APAC region (ex-Japan). ANZ is also high on the bookrunner league table - sitting on fourth spot.