Secondary Market Monthly - June 2021 Executive Summary

The secondary loan market continued to produce gains on lower rated credits, as the riskiest loans drove returns yet again. The S&P LSTA Leveraged Loan Index (LLI) returned 0.37% in June, down from the prior two months where the index registered a return of 0.58% in May and 0.51% in April.

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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,…