The market has been open to appropriately-priced, investment-grade transactions all year and remains so. Some issuers may say itÆs closed because the price is too hard for them to contemplate. Nonetheless, deals can get done at sensible levels. Every Asian investment-grade deal has priced cheap to fair value, but not excessively so. I think that the market is open for double-B and some single-B repeat borrowers. Solid new double-B high-yield names can also work.
A single-B debut issuer would need something heavenly to succeed, such as an equity injection from a strong sponsor, something particularly attractive about its underlying...
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