Average US second-lien secondary bids
at lowest levels since 2016

Chart

US second-lien loans have traded down considerably in the secondary market over the past few months. The last round of risk-off behavior by secondary market loan players sent second-lien bids as low as the 87.01 level on October 18th, over a five-point decline from the August 22nd level of 93.25. The last time second-liens were bid that low was April 2016.