CREDIT DAYBOOK AMERICAS: Leveraged Loan Prices Hit Two-Year High

Secondary prices in the US leveraged loan market hit their highest since May 2022, according to a Morningstar index. Intense demand for loans is drawing companies to refinance, with commitments due on 13 loans today, mainly for refinancings, and two lender calls on the docket.

• US corporate bonds have rallied much more than credit derivatives, a relative value dislocation that investors should consider taking advantage of, JPMorgan strategists Nathaniel Rosenbaum and Pavan Talreja write in a note
• Round-trip trading costs for investment-grade and high-yield corporates are equal to or at multi-year lows. Strong new issuance, favorable monetary ...