In this paper, we explore how agents use comparables to form prices on new assets. Using data on large syndicated corporate loans, we exploit variation in the lag between loans' closing dates and their inclusion in a widely used trade database to identify the causal effect of the observation of past transaction on new transaction pricing. We find evidence that comparables pricing is an important determinant of individual loan spreads in practice, but that a failure to account for the overlapping information across loans leads to consistent pricing errors. The incorrect assumption that comparables represent independent signals causes lenders to overweight redundant market information. As a consequence, loan spreads are unduly influenced by market conditions that prevailed at the time their comparables were priced.