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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.

Secondary Trading Volumes Surge to a Record $76.1B In January

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%.  January marked the second time in the last three months that trading activity hit a fresh all-time high – the other being November at $74.9 billion.  And across the previous three months, market breadth remained robust with an average of 1,465 individual loans traded per month.

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