Cracks begin to show in primary market amid tight pricing

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The average all-in spread for 1st lien leveraged loans for the 3-month period ending in January was 313 bps, down 23 bps or 6.9% from the previous period, and marked the tightest spread on record since Bloomberg began tracking the data in 2013. So far in February, weighted average margins have continued to tighten, to 293 bps through 26 February.