Secondary Trading Settlement Monthly December 2023 Executive Summary

According to the LSTA’s 4Q23 Trade Data Study,  secondary loan trading volume in 2023 fell 13% to a six-year low of $715 billion. While par volume declined 14% to $697 billion, distressed volume, which accounted for only $18 billion in activity, surged 33% as the default rate increased from 1.6% to 3%, according to Fitch.

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The Kirschner Case: This is the End

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