Spreads on leveraged loans



Leveraged loan volumes in the US were large and lumpy during the first quarter of 2006. Total new-money volume during the first three months of the year soared to $109 billion (see chart 1), the highest since Standard & Poor's LCD started tracking volumes in 1997, up from $74 billion in the fourth quarter and from $80 billion during the same period in 2005. This explosive growth was due largely to M&A-related jumbo financing.

It is said that one can never be too rich or too thin. But don't te

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