It might not be welcome news to investors, but loan repricings are so back.

OK, one repricing deal in nearly two months does not make a trend, but market participants are expecting more to come.

Natural gas operator Compass Power on Tuesday announced plans to reprice its $542.2m TLB due 2029 to SOFR+325bps-350bps from SOFR+375bps. This marks the first attempt to reprice a loan since April 4, just after the Trump administration’s “Liberation Day” tariffs were announced.

The return of loan repricings is a sign that the loan primary market — which largely went quiet after the sweeping tariff announcements — has found some stability. Bankers said it’s still early days for a broader wave of repricings, but with secondary loan prices rebounding and the slow pace of new money supply hitting the primary, investors are bracing for another round of spread cutting.