Secondary market levels
at their highest levels post-Covid

Chart

Prior to the pandemic, the average bid on the 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 around a 35% share. By March 24, the Overall-Market average had collapsed to the 82 range, sending bids marked between the 98-<100 levels plummeting to a less than 1% share.