After a sharp sell-off in European LevFin prices in the second half of June, the pace of price declines has abated in the past couple of weeks, but there is little sign of a rebound. Last Friday the iTraxx Crossover closed at 606 bps (it hit 626, last Thursday). As indicated in our previous report, a swathe of senior secured paper is at double-digit yields. Recent primary deals for Manuchar, 888 and Schustermann & Borenstein were priced at what we consider stressed levels.