S&P and LoanX to provide pricing service for illiquid leveraged loans
Rating agency Standard & Poor's and LoanX, an online pricing service for syndicated loans, plan to roll out a new service for pricing the illiquid end of the leveraged loan market by the fourth quarter. The move is important because the US Securities and Exchange Commission, which currently requires mark-to-market pricing for mutual funds invested in leveraged loans, is thought to be seeking more sophisticated standards
The secondary loan trading market, which is primarily for sub-investment grade credits, is by size the poorer cousin of the credit derivatives market, which is dominated by investment
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