1Q24 loan trading volume surged 25% to a four-quarter high $205 billion, according to the LSTA’s Secondary Trade Data Study.  1Q24 secondary activity represented the first $200 billion-plus showing in a year and the first quarterly increase in trading volume since the same time last year.  While 1Q24 volumes were in fact down 3% year-over-year, let’s not discount what a great start to the year it has been (given that volumes averaged just $164 billion per quarter over the second half of last year – the slowest six-month stretch in seven years).  Furthermore, monthly volumes improved during each of the first three months of the year, with March activity rising an impressive 7% to a 13-month best of $72.2 billion.  Better still, just 10% of March activity transacted in a sub-90 price context.