Index Commentary (May 2023)

After rallying in April, the US secondary loan market retreated in May, as the Morningstar LSTA US Leveraged Loan Index lost 0.18%, its worst performance in eight months. As sentiment soured, pricing and documentation revisions in the new-issue market tilted toward lenders, while some transactions were downsized or pulled altogether. This analysis was written by Marina Lukatsky of Pitchbook|LCD.


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