US leveraged loans started the year under pressure, falling 0.31% in January, with losses concentrated in the technology sector. Even as secondary prices stumbled, overall primary market activity remained strong, rising to a six-month high behind a flood of repricings and elevated M&A. Robust repayments skewed market technicals in favor of borrowers, pushing new-issue spreads to decade-plus lows in parts of the market despite the choppy secondary backdrop. Investor demand, however, remained uneven.  Marina Lukatsky of Pitchbook LCD wrote this.