Secondary Market Monthly - February 2022 Executive Summary

Last month we discussed why loans, in contrast to equities and bonds, delivered a positive return in January despite a late month pull-back in secondary market prices. (Hint:  we generally outperform in rising rate environments.)  February proved to be a far different animal as global equity and credit markets traded off in anticipation of Russia’s invasion of Ukraine, which finally occurred during the last week of February.

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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,…