I keep reading several articles similar to below

http://uk.reuters.com/article/fundsNews/idUKNOA53111420080225

and recently discovered that you can now trade the ITRAXX indices (need to check where these can be traded)

http://www.db.com/presse/en/content/press_releases_2007_3451.htm

although that's not to say the spreads won't go higher

http://www.bloomberg.com/apps/news?pid=20601087&sid=abYMR9fvFB1Y&refer=home

 - note that people have said this for some time

http://www.noelwatson.com/blog/PermaLink,guid,3a000888-e5df-4208-9515-01586f6332f2.aspx

People are also saying the leveraged loan market is oversold, saying we would have to be facing Armageddon for the current valuations to reflect fair value

http://www.moneyweek.com/file/43319/a-chance-to-generate-extraordinarily-attractive-returns.html