Markets seized up in April, plummeting on the news that the Trump administration would apply higher-than-expected reciprocal tariffs across America’s largest trading partners, before a 90-day pause partly reversed the steepest market declines since the first quarter of 2020. Broadly syndicated loans (BSL) were not immune from the turmoil, with the average price on the Morningstar LSTA Leveraged Loan Index (LLI) plunging 111 basis points in the week after the April 2^nd tariff announcement.