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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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,…