While even a couple of weeks ago European loan market participants were hoping for their market (which has barely seen a drop in the way of primary issuance over the past month) to get going in September, the word is now that it will take longer, much longer than that for new loans to be structured and priced. And when fresh transactions do come, sources say they will be vastly different from the funky stuff that Europe has so recently been witness to.

"New deals, when they come, will be quite unadventurous," said Michelle de Angelis, senior director in Fitch Ratings' London-based leveraged finance unit. "It's no secret that everyone in the market is cautious, so future deals are likely to come with lower leverage, tighter covenants and amortizing A tranches, among others, similar to deals we saw in 2003."

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