Loans return?



Green shoots of recovery seem to be materialising in the loan market, as the freeze brought on by the subprime crisis shows signs of thawing. Primary loan issuance is on the up, spreads have tightened, and there are hints of revival in the collateralised loan obligation (CLO) market, with three cashflow arbitrage deals launched in Europe in May - the first since September. But analysts warn it may be too early to assume a full-blown recovery, with the spectre of rising defaults and a possible

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