Secondary Market Monthly - May Executive Summary

Loan prices in the secondary market continued to rally in May alongside other risk assets. The broader markets were clearly pricing in a more favorable outlook on the reopening of the economy and continue to do so in early June, despite the civil unrest across the United States and a potential faceoff with China.


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On June 30th the ARRC published an updated recommendation for fallback language for syndicated loans (“the 2020 recommendation”).