Warmer Waters

Our family winter break in Turks and Caicos last week was highlighted by two discoveries. First, neither of our daughters are particularly interested in water activities. And second, their all-inclusive meal mainstays, despite a world of delicacies, were chicken nuggets and cotton candy.

We say this, not to disparage young girls’ dietary or athletic choices. But it set vacation expectations so low that when one casually asked for a custom-made smoothie and the other suggested foosball in the game room, wild parental joy ensued.

Such seems to be the case with the current state of the leveraged loan market. A modest improvement in both secondary trading levels as well as primary issuance so far this month has suggested to analysts that the credit market is on the mend from last year’s work stoppage.