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RelVal to the Rescue?

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.

Secondary Market Monthly September Executive Summary

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. In September, despite market value losses that were negative yet again (albeit at just -0.02%), the LLI sported a total return of 0.47%.

Secondary Market Monthly: September Executive Summary

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.

MTM Monthly, June: A Year Half Full

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 major asset classes – from equities through treasuries.

Secondary Market Monthly: June Executive Summary

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 […]

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.

Secondary Market Monthly: May Executive Summary

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 […]

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Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]