Secondary Market Monthly - July 2023 Executive Summary

Investor optimism from better-than-expected economic growth and slower inflation sent financial markets higher in July. Loans returned 1.29% in July and 7.85% so far this year, on track for the best performance since 2009, according to the Morningstar/LSTA Leveraged Loan Index (LLI). After an up-and-down first half of the year, loans have rallied over the last two months, sending average bid levels to their highest level in a year.


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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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