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The S&P/LSTA Index posted a 0.24% gain in September, after edging lower in August. Prices ran up the first two weeks of the month before retreating in the face of swelling supply. Moreover, with interest rates trending lower in September, loan returns trailed those of high-yield and other fixed-income categories, reversing the pattern of the prior four months when the 10-year Treasury rates was on the rise. Looking ahead, most participants think supply is more likely to ebb than to rise in the out months of 2013.
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