US secondary loan prices held up relatively well against last week's global markets sell-off, which was triggered by China's continuing stock market crash and caused severe volatility in the equity, commodities and oil markets. Average bids of 97.56 last Wednesday were Iibp lower than 97.67 a week earlier, according to Thomson Reuters Secondary Market Intelligence. Average bids in the SMilOO, which tracks the 100 most widely held loans, were more volatile and moved down 37bp to 98.66 last Wednesday from 99.03 a week earlier. The sell-off in the Dow Jones industrial Average began on August 20 and peaked on Monday 24. The Dow saw its wildest intraday swing in history and fell more than 1,000 points on Monday morning, but regained ground to trade 588 points lower by the afternoon close, showing a 3.58% fall for the day. The Dow, the S&P 500 indices and the Nasdaq composite, have seen persistent rallies and sell-offs since then.
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