November was a solid month in the secondary loan market, with S&P/LSTA Leveraged Loan Index (LLI) returning 0.59%. October, however, was a different story. Secondary loan trading volume spiked 19% in October to a six-month high of $64 billion. This followed a two-month stretch where volumes fell below $60 billion per month.
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Secondary Trading & Settlement Monthly: September Executive Summary
After recording a record high during the first quarter of this year ($212 billion), secondary loan trading volumes have steadily declined. Following second quarter’s 10% drop, third quarter activity fell an additional 14% to $165 billion. Third quarter’s tally was just 2% higher year-over-year.
Secondary Trading & Settlement Monthly: August Executive Summary
Secondary loan trading volume fell 16% in August to a 14-month low of $51.4 billion. To put that figure in perspective, the last time volumes were below $60 billion was last September. But it wasn’t just the normal end of summer slowdown.
Secondary Trading & Settlement Monthly: July Executive Summary
Secondary loan trading volume totaled just north of $61 billion in July – a 10-month low. July marked the third consecutive month where volumes have stagnated; not rising above $61.3 billion per month. During the three months prior (February through April) the market averaged over $68 billion of trading. Of course, volumes usually taper off […]
Secondary Trading & Settlement Monthly: June Executive Summary
After recording consecutive record highs during the fourth quarter of last year ($211 billion) and again during the first quarter of this year ($212 billion), secondary loan trading volumes decreased 10% in the second quarter, to $191 billion. Second quarter’s tally represented a 4% increase over the same time last year (which by the way, […]
Secondary Trading & Settlement Monthly: May Executive Summary
After averaging more than $68 billion during each of the previous three months, secondary loan trading volume decreased 10% in May, to an eight-month low of just $61 billion. Moreover, that three-month period had followed three record setting months (November through January), where volumes spiked to an average of $74 billion per month.
Secondary Trading & Settlement Monthly: March Executive Summary
After hitting a record $210 billion in fourth quarter 2018, secondary loan trading volume increased 1% during the first quarter, to a fresh high north of $212 billion. Trade activity increased year over year by an impressive 29% while S&P/LSTA Leveraged Loan Index outstanding grew by just 19%.
Secondary Trading & Settlement Monthly: February Executive Summary
After hitting a record $76 billion in January, secondary loan trading volume decreased 11%, to $68 billion, in February. The pullback in trading though was to be expected. Volumes were sure to normalize following three consecutive record-setting months, where trading activity spiked to at least $70 billion per month – for the first time ever.
Secondary Trading & Settlement Monthly: January Executive Summary
Talk about starting the year off with a bang. Secondary loan trading volumes increased 9% in January to $76.1 billion as prices rebounded in the secondary and the S&P/LSTA Leveraged Loan Index (LLI) returned a whopping 2.55%.
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