June 25, 2015, New York, NY – In observance of Independence Day, the Loan Syndications and Trading Association (LSTA) recommends treating Friday, July 3 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.
Across the first five months of the year, U.S. trading volumes have totaled $254 billion, just 1% below the same time last year. During May, secondary loan trading volumes decreased 15% month-over-month to a five-month low of $45.2 billion.
On June 17th, the LSTA submitted its second comment letter on the OECD's Base Erosion and Profit Shifting Project proposals, namely Action 6: Preventing Treaty Abuse. In the May 22nd revised discussion draft, the LSTA was disappointed to see that the Working Party continued to not accommodate non-collective investment vehicles, like CLOs and other debt funds.
Suffice it to say, it’s been a dismal couple weeks in the secondary loan market.
According to LSTA April 2015 trade data submissions, secondary U.S. loan trading volumes decreased 13% month-over-month to $52.9 billion.