Despite several attempts, the senior loan market has thus far failed to build on any kind of meaningful and sustained momentum. Up to this point, in early March, the efforts have been marked more by the failings of some familiar faces than by the new stars that were expected to materialize out of the shadows of the hobbled lenders.

"There are at least four teams who have tried to fill in the gap, but by and large, nobody can figure out the leverage component," says one marketwatcher, discussing the travails of fledgling non-bank lenders.

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