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  Senior Loan & High Yield Review – 4th Quarter 2015
Posted Under: Senior Loan
Market Review
The second half of 2015 was the most challenging credit market we have experienced since the global financial crisis. High-yield bonds returned  4.88% in the third quarter and -2.16% in the fourth quarter bringing the second half total return to -6.93% and the full year return to -4.61% (Exhibit 1). Senior loans were also impacted by the challenging market conditions, with a more modest decline than high-yield bonds but still down -2.10% in the fourth quarter and -3.42% in the second half of the year, according to Bloomberg. Moreover, for only the second time since the inception of the senior loan index in 1997,the market posted a negative return for the full calendar year with a total return of -0.69% (Exhibit 2).

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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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