This week, we – like all of you – worked hard to maintain orderliness in the market. In the Newsletter, we flag these efforts, and then move on to analysis of the market today. Specifically, we dissect the secondary loan market, and then we drill deeper into how corporates seek to maintain liquidity, discuss ratings migration and their effect on CLOs. Finally, we flag that the SEC recognizes and is sensitive to the challenges in operating in today’s business environment – but will also expect firms to comply with its rules.