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Syndicated Lending by Andrew Fight

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Chapter 8

Secondary loan markets

History and development of the secondary loan market

(extracted from Loan Syndications and Trading Association (LSTA) web site, 2003)

The volume of secondary loan trading exploded in the 1990s. Between 1991 and 1999, volume grew over 1200%. In 1991, a total of USD 8 bn (face amount) of loans traded in the secondary market, according to Loan Pricing Corporation (LPC). In 1999, secondary volume grew to a total of USD 110 bn (face amount). This dramatic growth is shown in the chart on page 147.

There are many reasons why the secondary loan trading volume grew at an exponential rate. The syndicated new-issue loan market also grew over the same time period, although not as quickly. In 1999, the volume reached USD 1017 bn, ...

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