Despite this, there is little evidence that actual or expected future sales significantly affected asset prices. Graph 5 (centre and right-hand panels) shows time series of price quotes for selected high-spread securitised assets, distressed bonds and leveraged loans. True, the price of US leveraged loans fell and spreads on some securitised assets rose after the EBA capital target announcement, consistent with the deleveraging implications of this news. And the price of distressed Lehman Brothers bonds increased after the reduction in the cost of dollar financing from central banks. But these changes were not unusually large compared with past price movements
