The backlog of leveraged loans dipped below $300 billion recently. Most think it will go even lower this month, as $125 billion come to market. As long as the terms are right, there is fairly strong demand, as evidence by the First Data deal. Those bonds were priced in the 97 cents to the dollar range, but terms may improve a bit. First Data bonds apparently fared well in trading last week. There are enough distressed credit-type buyers in the market now. The Fed action to ease may also help. All eyes will be on the TXU deal and the BCE deal, the largest private equity deal ever recorded. Meanwhile, Financial News Online notes that the European markets remains relatively sluggish. It should be an interesting month.  

For more:
- here's the Financial News Online article