Fish in a Barrel

The San Antonio Aquarium was the site last week of an unusual heist. A horn shark was swiped from a petting pool by two men and a woman posing as employees of a marine salt supplier. They made off with the foot-and-a half long fish in a baby stroller.

Police recovered the shark, named Miss Helen, thanks to a surveillance video of the shark-nappers truck. That led them to the home of one of the thieves, who quickly confessed. “It was wrong to just take him like that,” said the suspect, whose collection held other sea creatures. “But, at that point in time, it was something I just had to do.”

We sympathize. Collecting valuable assets, particularly in the leveraged loan market, takes true commitment in the face of long odds. Not only has quality suffered in the face of weaker structures, but volume has tailed off, so to speak, in August.

The good news is that loan repricings, at least for the moment, are off sharply as well. According to S&P LCD, issuers seeking to simply lower their borrower spreads via amendment has shrunk to near zero over the past couple months.