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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 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.

February Trading Stats Reveal Intriguing Story

U.S. secondary loan trading volume decreased 7% in February to $52.2 billion.  (Noting that January came in at a seven-month high of $56.3 billion).  The market has now traded north of $50 billion permonth during four of the previous five months (a seasonally low December broke the trend).  And over that period, an average of 465 loans traded each day with volumes totaling in excess of $2.7 billion per day.  During February, market breadth (the number of unique loans traded) remained robust at 1,465 loans traded – the fourth consecutive month north of 1,450 loans.

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