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July was a very busy month for the European leveraged loan market. Total volume of new loan issuance hit €14.6 billion in July, making it the biggest month since July 2007. July was a break-out month for covenant-lite issuance. Arrangers say there is a busy pipeline in the works for September. By early August, there were signs of weakness in the secondary markets, however, particularly on the high-yield side. If the market is to return in the autumn at the same pace it set in July, it will need to be supported by positive investor sentiment and strong demand for assets.
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