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Secondary Trading & Settlement Monthly November Executive Summary

December has been a strong month in the secondary loan market so far, with the S&P/LSTA Leveraged Loan Index (LLI) already returning over 1%. With less than two weeks remaining before year-end, loans have already delivered an 8-plus% annual return, marking a three-year high.

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.

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