April 2024 US Leveraged Loan Index Monthly Wrap

The US leveraged loan secondary market rally stalled in April as investors confronted a hawkish tilt in rate progressions and intensifying global conflicts. Although loan returns hit a six-month low, the asset class remained in the black thanks to coupon-clipping, while high-yield bonds and equities posted substantial losses. Staying on trend with the first quarter, loan refinancings and repricings dominated issuance in April, leaving net supply limited.  This was written by Marina Lukatsky of Pitchbook LCD.


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