2024-11-10-PitchBook-美国杠杆贷款指数月度总结（英）_15页_915kb

October 2024 leveraged loan market showed strong performance, with the index gaining 0.86% in total returns and secondary prices rising to a five-month high, supported by robust demand from CLOs and retail investors. Market size expanded by $17B month-on-month, reaching a record $1.4 trillion year-to-date activity. Yields retreated to two-year lows due to rate cuts and refinancings, but remain attractive compared to historical levels. Secondary loan prices rose, with $74% of the index priced at or above par, and the market closely monitored supply-demand balance, narrowing to a $3B shortage in October. Key drivers included repricing amendments and CLO activity, while high-risk loans and certain industries underperformed or outperformed based on credit quality and sector factors. Overall, the month ended with improved metrics, though near-term maturities were reduced, and market dynamics reflect broader economic shifts.