Last month in this space we boldly wrote “there is a silver lining for loans: they appear to be oversold”. And sure enough, following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a four-month best 0.6% November return.
For the second time in three months, loan returns were negative in the loan market. After returning 0.47% in September, the S&P/LSTA Leveraged Loan Index (LLI) produced a 0.43% loss in October –the worst monthly print this year.
After returning more than 4% during the two-month rally that began the year, the S&P/LSTA Leveraged Loan Index (LLI) has failed to sustain any meaningful momentum. Since March, monthly returns have flipped from positive to negative while market value returns were positive just twice – the last time being July.
Last month we highlighted that secondary loan prices finally caught a bid in July, following two consecutive months in the red. Well, the rally proved to be short lived as the secondary loan market generated its worst reading of the year in August.
Following two consecutive months in the red, secondary loan market prices finally caught a bid in July. As a result, the average bid level on the S&P/LSTA Leveraged Loan Index (LLI) increased 27 basis points, to 97.06.
The S&P/LSTA Leveraged Loan index (LLI) has returned 5.7% at the half-way point of 2019 – giving way to the best start of a year since the famed loan market rally of 2009. But 2019’s gains have not been just a straight shot higher nor have they outdone those produced by any of the other […]
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 […]
While markets can turn on a dime, they can also turn on a tweet. President Trump tweeted on Sunday that starting this Friday the US would increase current, and apply new tariffs on Chinese goods if a trade deal could not be reached.
Three months into the new year, and loan returns have totaled an impressive 4%. But the 2019 loan market rally actually came to a screeching halt in late March when the Fed announced that rates would no longer be rising anytime soon. The result?
Two months into the New Year, loan returns have totaled 4.2% – the best start to a year since 2009. After returning 2.6% in January, the S&P/LSTA Leveraged Loan Index (LLI) returned 1.6% in February as prices continued to rally in the secondary.
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