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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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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