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Secondary Trading & Settlement Monthly: October Executive Summary

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.

3Q19 Secondary Trading 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. Furthermore, volumes really tapered off during August and September when activity remained below $55 billion per month – the last time that occurred was back in March and April of last 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. August marked the fourth consecutive month where trade activity has stagnated; not rising above $61.3 billion. As a comparison, the market averaged over $68 billion of trading during the three prior months.

Secondary Trading 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 in the summer months, but there’s more to the story this year. First, price volatility has normalized.

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, […]

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LIBOR: The Future of Forward Looking Term SOFR

The syndicated loan market would really like an IOSCO-compliant Forward Looking Term SOFR to develop. If such a rate developed, it would solve several problems inherent in SOFR.