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LSTA Newsletter: September 27, 2019

This week, we start off discussing the future – or lack thereof – of LIBOR in NYC (with the FRBNY) and Miami (through ABS East).  We turn to markets, cataloguing the slowing secondary in August (and July, and June…) and explain why. We – and our friends – continue to defend loans; we share yet […]

LSTA Newsletter: September 13, 2019

This week, we start off pondering the August secondary slump (but console ourselves with the YTD 6.5% return).  We then turn to CLOs by: 1) analyzing their ownership and runnability and 2) defending them in the press. And what’s a week without LIBOR? We end with the latest (accounting) hurdle to LIBOR transition being knocked […]

Secondary Prices MARCH Higher

With two weeks already on the books in March, the secondary loan market has regained its footing over the past five trading sessions.  The average bid level on S&P/LSTA Leveraged Loan Index (LLI) rebounded above 98.5 this week, after falling during three straight sessions to begin the month.  At its current bid level of 98.52, the secondary is now trading 20 basis points shy of its 2018 high water mark reached during the first week of February.  But we all know how that ended.

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