The secondary market for loans, primarily syndicated loans, involves the activities of buying, selling, and brokering loans and credit facilities. A secondary market is created when a syndicate participant decides to sell a part or all of its rights and obligations under the credit agreement to a third party. A variety of techniques are used to accomplish the transfer.

The secondary market for trading in syndicated loans has mushroomed in recent years. This tutorial outlines the historical development and current status of this vibrant market, and describes the process from initial loan trade to final settlement.

On completion of this tutorial, you will be able to:
- Describe the secondary market for loans and how it has evolved
- Explain how loan transactions are executed and settled

Topic 1: Market Overview
Topic 2: Loan Trading & Settlement