A survey of members of the International Association of Credit Portfolio Managers found that most bank loan portfolio managers have become bullish on fundamentals. Sixty-eight percent of respondents expect default rates to fall in the next 12 months. The quarterly survey, however, found more splits on the outlook for credit spreads. "Our members strongly believe the risk of default has significantly declined but there is considerable concern that the market has gone too far in anticipating recovery," said Som-lok Leung, executive director of the IACPM. Review data from the survey. Read the IACPM news release.