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.