00:00We need there's demand but you could argue it's less enthusiastic than before because that 25 billion dollar bond sale
00:06drummed up 96 billion dollars in
00:07orders. In October of 2025 it drew 125 billion dollars of demand for a 30 billion dollar deal. Could you
00:16say that Meta was pricing the deal
00:18cheaply so they could move it. I think that there is sensitivity in the tech sector especially to the reality
00:25that there's a lot of
00:26issuance that has already come to market and will continue to come to market. And as we're thinking about investor
00:32demand for
00:33deals in the tech sector there is the also reality that as investors look at their allocations their concentration limits
00:43there's
00:43only so much of Meta of Microsoft of Amazon that you can hold in a portfolio before you start to
00:49bump up against feeling like you
00:50have outsized concentration or exposure to something. And so as investors are thinking about what is going to continue to
00:57come down in the new issue pipeline I think there is some you know choosiness as it relates to how
01:05much we're going to allocate to
01:06some of these new deals.
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