According to LSTA’s Ted Basta, “Following a record setting run across 1H25 that included the two busiest quarters ever on loan trading desks, 3Q25 loan trading volume fell 18% to $233 billion.
As volatility levels have normalized since April, so too has secondary trading activity, but volumes are in fact exhibiting a higher new normal. While July volumes increased by just 1% to $74.4 billion, monthly activity was up 16% year-on-year. In comparison, Morningstar/LSTA Leveraged Loan Index outstandings grew 7% over the same 12-month period....
As market volatility spiked higher in April, LSTA secondary loan trading volume surged again above $100 billion. April activity ran north of $109 billion, a 6% increase over March’s $103 billion and 47% above the $70 billion LTM average (through February)....
LSTA's secondary loan trading volume totaled a staggering $82.2 billion in February, up 19% month-over-month and 20% over the LTM average of $68.5 billion. February marked the second busiest month ever in the secondary, following the record-setting $119.3 billion of March 2020 (the onset of COVID). Furthermore, February activity came in 3% higher than October...
November secondary loan trading volume remained elevated at north of $72 billion. With one month remaining on the trading books, the market is in earshot of 2022’s annual trading record of $824 billion.
Secondary loan trading volume surged 15% in October, hitting $79.4 billion, the highest level since the second quarter of 2022 and the third-largest monthly total on record, according to the LSTA Trade Data Study. Monthly volume was $13 billion above the LTM average, with daily trading activity reaching $3.4 billion....
