Leveraged finance bankers made full use of February’s bonus day, with several new issues announced across bonds and loans this week, and a building pipeline of premarketings being sounded with investors.

Earnings season is in full swing, freeing bond issuers to approach the market again (such as Aston Martinannouncing on Friday). Private credit issuers are still finding better funding in syndicated markets, while sterling seems to be seeing some rare positive traction, with a jammed orderbook for MFG.

But the furious repricing seen in January and February seems to have taken a pause, with prices finding an equilibrium, and lenders searching for incremental yield by moving into more adventurous credits.

“We’ve got equilibrium in the TLB market, we didn’t know where it would bottom out but we found this new level,” said a banker. “You never know how long these things will last. With lots of CLOs being raised, there’s potentially even more tightening later in the year but all it takes is something geopolitical to happen, and for most borrowers now it's a good time to raise financing, reprice, or refi.”