S&P and LoanX to provide pricing service for illiquid leveraged loans

Under current rules, failure by investment managers to provide defensible estimates of the market value of their illiquid loan holdings can result in criminal penalties or shareholder lawsuits. Market-oriented structured credit investors are also adding to demand for new pricing technology, market officials said.

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 investme

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