Loan Syndications and Trading News

March 31, 2015, New York, NY – In observance of the Good Friday holiday in the United States, the Loan Syndications and Trading Association (LSTA) recommends treating Friday, April 3 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.

According to LSTA February 2015 trade data submissions, secondary U.S. loan trading volumes increased 10% to $49.9 billion – the highest monthly tally since October 2014’s record $67 billion.  Given February’s higher trade activity, the number of unique loans traded also increased to a four-month high of 1,381 individual loans.

Welcome to March Madness one week early.  Over the past five trading sessions, the S&P 500 has endured three daily moves of 1.2% or more (one positive/two negative).  As of Thursday’s close, the benchmark is now up only 0.34% on the year after returning 5.75% in February and -3% in January.

On Friday, February 27, 2015, the LSTA published in final form the User's Guide for LSTA Distressed Trading Documents.

Following a tough December and an uninspired January, the secondary loan market has finally gotten its swagger back.  With month-end February fast approaching, the S&P/LSTA Leveraged Loan Index (LLI) is on pace for its best monthly return (1.3%) in two years.

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