It’s been a slow start of the month for the European leveraged loan market. Expectations of a hectic September have fallen short with just a few refinancing and repricing transactions landing in the primary market.

“The size of the pipeline was overstated, and included a few marginal ones,” a buysider said. “Some are waiting to see how the current ones in the market do."

Mega LBOs like the ones of DB Schenker, Deutsche Bahn’s logistics unit, Sanofi’s carve out of its consumer health division and Brookfield’s take over of Grifols, are all supposed to feed investors by year-end, but smaller buyouts could find their way to market sooner.