Broadly syndicated loans (BSL) followed other risk assets into negative territory in March, as markets buckled under a stream of new tariff announcements from the White House. Returns for BSL slumped to -0.31%, according to the Morningstar LSTA Leveraged Loan Index (LLI), the first negative reading since October 2023 and the worst monthly performance since September 2022, as the average price for loans in the secondary declined by 84 basis points, including 20 basis points on March 31, the largest daily decline since August 2024.