Pages from Secondary Market Monthly - May Executive Summary

At two weeks shy of the midpoint of the year, the S&P/LSTA Leveraged Loan index (LLI) has returned 5.7%—the best start to a year since 2010.  But the belly of that return, 4.2%, took place during the first two months of the year, when prices rallied in the secondary in the wake of the December technical dislocation that caused the sell-off.

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