Trading volume on the secondary market for large corporate loans soared last year, as loan growth and the entrance of new lenders and investors more than offset the withdrawal of Japanese banks.

By the end of the third quarter, the most recent period for which solid figures are available from Loan Pricing Corp., New York, more than $45 billion of par and distressed syndicated loans had changed hands in the secondary market, eclipsing the 1996 total of $41 billion.

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