Explore historical monthly secondary loan trading volumes, price levels, liquidity metrics, and settlement statistics...
Review our latest analysis and figures related to secondary loan market trading volumes, which showed a decline in August.
Records are made to be broken, and according to LSTA’s 2Q25 Trade Data Study, they were once again.
LSTA presents the results of the second quarter Secondary Trading & Settlement Study.
Market volatility remained elevated in May as trading levels continued to rally off their tariff-induced lows of mid-April.
As market volatility spiked higher in April, LSTA secondary loan trading volume surged again above $100 billion. April activity ran north of $109 billion, a 6% increase over March’s $103 billion and 47% above the $70 billion LTM average (through February)....
As volatility spiked and a wave of new loans broke for trading in March, secondary loan trading volume totaled a staggering $102 billion.
The LSTA presents the results of the first quarter Secondary Trading & Settlement Study.
LSTA's secondary loan trading volume totaled a staggering $82.2 billion in February, up 19% month-over-month and 20% over the LTM average of $68.5 billion. February marked the second busiest month ever in the secondary, following the record-setting $119.3 billion of March 2020 (the onset of COVID). Furthermore, February activity came in 3% higher than October...
Secondary loan trading activity continued its upward trajectory in January.
2024 LSTA annual secondary loan trading volume soared 15% to a near-record $821.4 billion, the largest year-over-year increase in a decade.
The LSTA presents the results of the fourth quarter Secondary Trading & Settlement Study.

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