According to LSTA’s Ted Basta, “Annual secondary loan trading activity totaled a record $971 billion, or 18% higher than 2022’s previous record of $824 billion and 2024’s $821 billion".
Records are made to be broken, and according to LSTA’s 2Q25 Trade Data Study, they were once again. Second quarter secondary loan trading volume surged to a fresh record $262 billion, 3.4% higher than the first quarter’s previous high and an astonishing 26% above the same time last year.
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...
November secondary loan trading volume remained elevated at north of $72 billion. With one month remaining on the trading books, the market is in earshot of 2022’s annual trading record of $824 billion.
Secondary loan trading volume surged 15% in October, hitting $79.4 billion, the highest level since the second quarter of 2022 and the third-largest monthly total on record, according to the LSTA Trade Data Study. Monthly volume was $13 billion above the LTM average, with daily trading activity reaching $3.4 billion....
