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.
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Secondary Trading & Settlement Study: Fourth Quarter 2019
This presentation is for the Fourth Quarter 2019 LSTA Secondary Trading & Settlement Study.
Secondary Market Monthly: December Executive Summary
All is well that ended well in the fourth quarter. Following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a risk-on driven 0.6% November return and an eight-month best 1.1% return in December.
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 Market Monthly: November Executive Summary
Last month in this space we boldly wrote “there is a silver lining for loans: they appear to be oversold”. And sure enough, following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a four-month best 0.6% November return.
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: September 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.
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 Trading & Settlement Study: Second Quarter 2019
This presentation is for the Second Quarter 2019 LSTA Secondary Trading & Settlement Study.
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