U.S. leveraged loans traded higher in the secondary market on Monday as money flowed back into exchange-traded funds. The market is underpinned by the rates outlook and firm economic fundamentals, though it remains susceptible to another big drop in equities.
Building on Friday’s rally -- the best one-day loan return in 10 years -- investors continued to buy the more liquid loans in the secondary. Dell’s $5 billion term loan rose by about 0.5 cents to 98.5 cents on the dollar Monday, after gaining 2 cents on Friday, according to loan traders who are not authorized to speak publicly.
