US leveraged loan prices continued to rise in July amid strengthening investor optimism. By mid-month, more than half of outstanding loans were priced at par or above — a clear signal of renewed market exuberance. This bullish backdrop was reinforced by a surge in CLO issuance and a rebound in loan repayments, both occurring alongside muted net supply, resulting in a pronounced technical imbalance that favored borrowers.  Marina Lukatsky of Pitchbook LCD wrote this.