Secondary market levels continue to trend higher

Chart

Prior to the pandemic, the average bid on the North America Overall-Market cohort of loans was in the 97.5 context, with half of loans bid between the 98-<100 level, bids above par made up a 35% share. At its lowest point last year, March 24, the Overall-Market average had collapsed to the 82 range, sending the share of bids marked between the 98-<100 to under 1%.