Secondary Market Monthly - September 2021 Executive Summary

Despite a substantial sell-off in equites and most of fixed income, loans actually performed quite well in September.  The S&P LSTA Leveraged Loan Index (LLI) returned 0.64% as the market value component of return increased to an eight-month best 0.31%.

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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,…