The average bid of LCD’s European loan flow-name composite gained 10 bps during the week ended Nov. 21, to 100.62% of par. The gain is the seventh in as many weeks, during which time the average bid has added 52 bps. The average bid is currently at a 6.5-year high, and is 328 bps above the closing level of 2012.
LCD’s broad secondary composite, which reflects a wider universe of deals, gained 49 bps during the week ended Nov. 21, to 90.56. The reading is now at a 69-month high, dating back to February 2008. The average bid is now 646 bps above 2012’s closing level.