Large Bank Supervision Forum 2023

An Efficient and Liquid Secondary Market

Secondary Trading Volume, Average Size and Turnover Data as of December 31, 2022

100%

1,600

90%

1,400

80%

1,200

70%

1,000

60%

800

50%

$ Billions

Turnover %

40%

600

30%

400

20%

200

10%

0

0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Trade Volume

Avg. Size of the S&P/LSTA LLI

Loan Turnover Ratio (%)

Source: Loan Syndication and Trading Association (LSTA)

For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to the general public.

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The Senior Secured Loan Market Par Amount of Outstanding Senior Secured Loans by Industry Data as of December 31, 2022

Other (44 industries) Health Care Equipment & Supplies Pharmaceuticals Entertainment Aerospace & Defense Health Care Technology Containers & Packaging Trading Companies & Distributors Professional Services Insurance Chemicals Machinery Commercial Services & Supplies Diversified Telecommunication Services IT Services Media Hotels, Restaurants & Leisure Health Care Providers & Services Software Specialty Retail Capital Markets

12.01%

5.65%

5.36%

4.77%

4.20%

 Broadly diversified by industry and geography  $1.4+ trillion market by par amount  64 industry sectors  Over 1170 issuers  Rated below investment grade

3.65% 3.72%

3.33% 3.43%

3.13%

2.80% 2.82% 2.92%

2.56%

2.31%

1.96% 1.99% 1.99%

1.78%

1.63%

28.00%

0%

5%

10%

15%

20%

25%

30%

Source: LCD. Data represented by the Morningstar ® LSTA ® Leveraged Loan Index, December 31, 2022

For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to the general public.

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