00:00There is a very strong appetite for credit right now. I think we are in an environment where credit should perform quite well in a low growth type environment.
00:10I think specifically with respect to Meta, you've got a situation where they're investing very heavily in capbacks.
00:16And that questions from an equity standpoint what that return on equity capital investment will be.
00:22But from a debt standpoint, there is very strong confidence in the ability to service that debt.
00:27So the two are different issues overall. Is there a different narrative driving the stock versus the bond?
00:35You know, I'm not so sure it's a different narrative. I think it's just a company that's that's dealing with a very large growth project that where the returns on capital are unknown and a great existing business that's massively cash flow generative.
00:51So for credit investors, when we look at that combination, that looks like a really good piece of collateral to lend against.
00:58And that's why you're seeing so much robust demand for the credit instrument.
01:02And I think equity investors are trying to put together what this means in terms of long term growth and short term cap expense.
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