The European leveraged loan market has turned on the engine, but it’s not moving in the direction investors want yet.

A number of repricing deals flooded the market this month, raising the question of whether this is business-specific or a symptom of a new repricing window of the scale we saw back in January.

“It has to do with the single business,” a senior banker said. “Not a lot of deals are in the market at the moment and so specific companies took the opportunity. When more deals flow, it’ll probably stop.”