Secondary Market Monthly - December 2023 Executive Summary

According to the LSTA’s Hugo Pereira, “Loans returned 13.32% in 2023, the best performance since the Global Financial Crisis and the second highest annual return since the Morningstar/LSTA Leverage Loan Index (LLI) was introduced in 1997. Returns were positive in nine out of 12 months last year, bookended by a return of 1.65% in December and 2.89% across the last two months of the year, as risk assets rallied on the expectation the Fed would soon begin to cut interest rates.”


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The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…