Loans traded off in May for the third time in the last four months, sending returns to -0.18%. May’s return represented an eight-month low and just the second time this year that the asset class was in the red, according to the Morningstar LSTA Leveraged Loan Index (LLI). Despite the setback, year-to-date loan returns stand at 4.12%, compared to -2.45% over the same time last year.