Pages from Secondary Market Monthly - January Executive Summary

Coming off a strong finish to 2019 where the S&P/LSTA Leveraged Loan Index (LLI) produced an eight-month best 1.1% return, the loan market began 2020 right where it left off – on fire.  Through the first three weeks of the new year, prices in the secondary rallied more than 60 basis points as the lower-end of the market continued to catch a strong bid.

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Secondary Trading & Settlement Monthly January Summary

On Monday, February 24, U.S. stock indices recorded their worst decline in two years on concerns the coronavirus outbreak would continue to spread and begin to undermine global economic growth. In the loan market, bid levels indiscriminately dropped 18 basis points to begin the week, which worsened February’s price decline to 32 basis points.

LSTA Newsletter: February 21, 2020

This week, we start off in the markets, comparing defaults (low but rising), leverage (high but edging down), and yields (low and lowering). We move to LIBOR, announcing the new SOFR Index and Averages, and reminding members of our weekly call. We shift to the courts, providing an update on our Madden vs Midland amicus. […]

Market: Defaults, Structure & Pricing

Loan defaults climbed (slightly) this month and leveraged M&A structures have been more conservative in the last three months. These two facts likely are unrelated.