Loan secondary prices stumble as attention turns to the primary markets
Source: Debtwire Par, Markit
The seemingly unrelenting secondary market rally hit a wall in July, with average bids in the loan secondary market falling 56bps during the month to 97.39, with the share of loans trading in the par-plus slice of the market falling to 11% from 24% as investors turn their attention, and capital, towards the robust primary market. Average bids have nonetheless gained 189bps year-to-date and remain well above the March 2020 trough of 76.1.
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