Leveraged loans outperformed high yield bonds and equities in September. With rates falling after the Federal Reserve again punted on an increase in the funds rate, however, loans underperformed 10-year Treasuries and high-grade bonds.

In the year to date, loans are near the top of the leaderboard among the five asset classes LCD tracks, behind only 10-year Treasuries. Volatile conditions in the capital markets have hit equities and high yield harder than loans, at least so far. – Steve Miller

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This analysis is taken from LCD News‘ third-quarter wrap of the leveraged finance markets, available to subscribers here.