The primary market in Europe is beginning to show signs of life after a months-long slump, but the new movement hasn't been enough to lift the mood entirely. Pundits say that the market is still far from being active and more important, attractive.

"Banks have an opportunity in the primary market again to make a real material return on investments," said an analyst at a European investment bank. "Their loan books are now fully funded, but the credit risk is still there for investors, who stand to only make money from excess spreads."

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