This is placed largely in banking systems, so the major intermediaries are, I expect, generally flush with very short term liabilities, even though longer term funding remains difficult. This means that these intermediaries may be undertaking more maturity transformation than they would ordinarily find comfortable. Increasingly, there are good quality assets at prices that would, in normal times, be very attractive.
At some point, investors who are currently on the side lines will need to summon enough confidence to take up the opportunities for profitable exposure to risk. It is impossible to say when this will occur, but we can perhaps outline what the pre conditions are.