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Secondary Trading Monthly May: Catching Our Breath…

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.

Turning Over the Secondary

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.  Interestingly, while volumes did contract, February still tracked to the fourth busiest month on record.

LSTA Newsletter: March 22, 2019

This week we cover LIBOR-OIS and You, Ops-olution!, February Trading, Token Sales and DOL’s Fiduciary Rule

February Trading Stats Reveal Intriguing Story

U.S. secondary loan trading volume decreased 7% in February to $52.2 billion.  (Noting that January came in at a seven-month high of $56.3 billion).  The market has now traded north of $50 billion permonth during four of the previous five months (a seasonally low December broke the trend).  And over that period, an average of 465 loans traded each day with volumes totaling in excess of $2.7 billion per day.  During February, market breadth (the number of unique loans traded) remained robust at 1,465 loans traded – the fourth consecutive month north of 1,450 loans.

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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