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Speaker 1: Welcome to the Bloomberg Penl Podcast. I'm Paul swing you,

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Speaker 1: along with my co host Lisa Brahma wits. Each day

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Speaker 1: we bring you the most noteworthy and useful interviews for

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Speaker 1: you and your money. Whether at the grocery store or

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Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple

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Speaker 1: podcast or wherever you listen to podcasts, as well as

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Speaker 1: at Bloomberg dot com. Well after the close today, the

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Speaker 1: Walt Disney Company scheduled to release its first quarterly earning

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Speaker 1: since it acquired most of the assets of the twenty

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Speaker 1: one century Fox Company for over seventy billion dollars. To

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Speaker 1: break down those numbers, we've welcome our good friend Porter

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Speaker 1: bib Porters and managing partner at Media Tech Capital Partners.

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Speaker 1: He joins us live here on our Bloomberg Interactive Broker

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Speaker 1: studio Supporter. I think when these numbers come out, one

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Speaker 1: of the things that people are really going to focus

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Speaker 1: on is Bob Biker's plan for transforming this company into

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Speaker 1: a streaming company. What's your take on their ability to

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Speaker 1: do that. Well, they've got the ability, but Bob Bikers

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Speaker 1: a little late to the game, so it's going to

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Speaker 1: cost him a lot more than it might have if

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Speaker 1: he jumped in two or three or four years ago

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Speaker 1: when he started talking about streaming. But there's no question

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Speaker 1: that Disney has the content and the management and the

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Speaker 1: capabilities of of making Disney plus and not not to

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Speaker 1: exclude ESPN and ESPN plus absolute winners. It's going to

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Speaker 1: cost them a lot more than I've seen the numbers.

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Speaker 1: People are talking about hundreds of millions. I think it's

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Speaker 1: gonna be if you look at at what what Netflix

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Speaker 1: is spending now last year, thirteen billion this year probably

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Speaker 1: close to fifteen billion for new content. Disney doesn't have

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Speaker 1: to do all of that, but they're gonna have to

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Speaker 1: market the hell out of their services, and it's gonna

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Speaker 1: be billions of dollars before they start to make profit.

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Speaker 1: So that's the big cost is the marketing. It's a

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Speaker 1: big cost now, But the marketing is the big marketing

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Speaker 1: because they they've announced that they're going to open up

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Speaker 1: their entire archive of Disney and Fox. Everything that Fought

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Speaker 1: and Disney have ever produced in history is going Instead

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Speaker 1: of holding it back for five to seven years for

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Speaker 1: each next generation of viewers, they're opening it up now

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Speaker 1: on day one and that's going to be a huge

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Speaker 1: asset if if you're a parent and you have kids,

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Speaker 1: you you cannot survive if you don't subscribe to Disney Plus.

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Speaker 1: So the real the bear case for Disney over the

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Speaker 1: last several years has just been this court cutting issue

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Speaker 1: and the impact that it has on ESPN. Yet, we

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Speaker 1: just saw Disney sold some of the regional sports networks

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Speaker 1: to Sinclair for what I think the market thought was

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Speaker 1: a very low price, half of the estimated value. So

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Speaker 1: what is your view of sports? And you know, sports programming,

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Speaker 1: sports rights and all that Sports is propping up cable

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Speaker 1: right now because so much of live sports is still

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Speaker 1: on cable and not streaming. But once those rights run

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Speaker 1: out and the streamers start to spend money for sports rights, uh,

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Speaker 1: Cable is going to be in a very vulnerable position,

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Speaker 1: maybe not even survive more than four or five years. Okay,

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Speaker 1: So if Cable doesn't survive four or five years, who

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Speaker 1: gets destroyed and who gets to win the game? Here?

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Speaker 1: The big question that that all the content producers are

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Speaker 1: facing right now when they look at that the opportunities

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Speaker 1: and streaming is how are they going to make the

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Speaker 1: same kind of money they were getting from the cable

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Speaker 1: companies who pay them billions of dollars in transmission fees

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Speaker 1: for the content that they were giving to the cable distributors.

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Speaker 1: They don't get that from anybody when they're streaming their

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Speaker 1: own content. And the only two revenue streams they have

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Speaker 1: are subscriptions and advertising. Disney has said initially no advertising

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Speaker 1: on Disney plus the sports channels probably are going to

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Speaker 1: have to have sponsorship and significant rights payments and advertising

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Speaker 1: to make a profit, but they're they're going to be Uh,

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Speaker 1: there's a serious shortfall in revenue generation from streaming versus

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Speaker 1: cable in the near term. Well, I think you know,

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Speaker 1: on the earnings called tonight for the for Disney, they

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Speaker 1: can certainly take a well deserved victory lab for Avengers

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Speaker 1: any game. I mean, I think over two billion dollars

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Speaker 1: in global box office. There's a lot of folks out

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Speaker 1: there saying it will be come the number one film,

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Speaker 1: passing Avatar, which was at two point seven billion dollar

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Speaker 1: global box office. What how does your view or what

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Speaker 1: is your view of the Disney theatrical business over the

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Speaker 1: next several years, Disney owned over sixty of the box

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Speaker 1: office revenues from from eighteen when they add Fox on

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Speaker 1: top of it, they've got nearly eight percent of the

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Speaker 1: box office. They announced yesterday they they release dates theatrically

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Speaker 1: of all of their blockbusters through seven and they are

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Speaker 1: going to own the theatrical box office. Right. They pushed

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Speaker 1: Avatar out a year was gonna be I guess in

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Speaker 1: one right. Yeah, So for the Avatar fans at least

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Speaker 1: I know you're diehard Avatar fan, you have to wait

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Speaker 1: another year. Okay, thank you very much. And you probably

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Speaker 1: know that you've seen Endgame about fifteen times, so you've

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Speaker 1: added to the real unspoken potential for Disney. Though. Is

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Speaker 1: China in streaming? Um? It's remarkable that Avengers Endgame generated

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Speaker 1: three hundred and fifty million dollars at the box office

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Speaker 1: in China, the biggest box office score that any American

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Speaker 1: film has ever created in China. And there are legal

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Speaker 1: and regulatory problems, but China is gonna I mean, Disney

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Speaker 1: is going to solve those uh and partner with ten

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Speaker 1: Center or uh e. She she the big streaming dominant

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Speaker 1: factor in China, and that's a market that will generate

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Speaker 1: billions of dollars of new revenue for Disney. What's Funny

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Speaker 1: you mentioned China because Lisa and I all day and

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Speaker 1: you know, all across the Bloomberg media obviously talking about

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Speaker 1: the trade talks and the US and China, and one

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Speaker 1: of the big parts of those trade talks. It's not

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Speaker 1: just you know, soybeans and microchips, it's also movies and TV.

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Speaker 1: That's right. So what do you expect to happen in

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Speaker 1: these trade talks as it relates to some of those

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Speaker 1: restrictions on Western As far as I've been able to discern, Uh,

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Speaker 1: creative content is not even on the table in these

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Speaker 1: trade talks. And to me this we're going to have

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Speaker 1: an agreement because both the President g and President Trump

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Speaker 1: need a success and need need a deal. But it's

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Speaker 1: going to be a sham because they're they're staying way

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Speaker 1: away from any of the technology transfer issues. They're staying

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Speaker 1: way away from currency and currency manipulation. UM will buy

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Speaker 1: some Chinese products, they will buy billions of dollars worth

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Speaker 1: of soy and pork because they have a crisis in

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Speaker 1: in pork in China right now with with swine disease.

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Speaker 1: So uh, everybody wins, but nothing really changes. So just

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Speaker 1: just to sort of pit Disney versus Netflix, because as

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Speaker 1: he is going to give some guidance I'm sure from

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Speaker 1: their streaming service. Looking at Netflix right now, shares up

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Speaker 1: about thirty six percent so far year today. Eat, what

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Speaker 1: will it take for Disney service to really be a

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Speaker 1: Netflix killer? As you have said in the past, it's

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Speaker 1: in my perspective, it's not a Disney is not a

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Speaker 1: Netflix killer. What is a Netflix killer is the failure

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Speaker 1: of individuals to bundle Netflix, Disney, maybe two or three

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Speaker 1: other HBO maybe UH Comcasts, NBC universal streaming service that's

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Speaker 1: going to launch this autumn. Uh. My sense is that

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Speaker 1: people are gonna gonna put five or six of these

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Speaker 1: streaming services together. That'll raise the cost to them the

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Speaker 1: subscription cost of maybe seventy five dollars. It's still almost

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Speaker 1: half of what you're paying cable. But if Netflix is

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Speaker 1: not a part of that, they're they're gonna lose. And

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Speaker 1: the big problem Netflix is facing right now is when

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Speaker 1: can that company actually make a profit. That is a

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Speaker 1: key question, especially given how much debt they currently have.

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Speaker 1: Por Bib thank you so much for being with us

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Speaker 1: here in our Bloomberg Actor Brokers Studios. Portabib Managing partner

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Speaker 1: for Media Tech Capital Partners talking about all things Disney. Well,

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Speaker 1: it's not just equity markets that have put in stellar

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Speaker 1: performance this year. The credit markets have also performed exceptionally well.

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Speaker 1: And also the FED appears to I guess, remain content

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Speaker 1: to remain on the sidelines. So to get a sense

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Speaker 1: of what that all means for the fixing can market,

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Speaker 1: we talked to Randy Brown. Randy as a chief investment

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Speaker 1: officer for sun Life Financial. Randy, thanks so much for

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Speaker 1: joining us. Just want to get your sense where you

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Speaker 1: might see value in the corporate bond market today. Um, yeah,

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Speaker 1: so good morning. Um we see value in the corporate

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Speaker 1: bond market today really in the private corporate market, its

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Speaker 1: public markets, and um really I put that on a

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Speaker 1: couple of different reasons. One is, at this point in

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Speaker 1: the cycle, which we think we're sort of late stages

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Speaker 1: of the cycle. Everyone loves to ask what inning, we

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Speaker 1: would say, seventh inning. We just don't know how many

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Speaker 1: innings in the game anymore, so late late stages in

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Speaker 1: the cycle. Certainly the runway has been extended. But um,

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Speaker 1: we're seeing a lot of a lot of corporations that

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Speaker 1: we believe are a bit over levered in the market

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Speaker 1: in the public market. So we've moved a bit to

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Speaker 1: the private markets where we're able to pick up spread,

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Speaker 1: pick up um covenant protection, pick up collateral behind us

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Speaker 1: UM as opposed to an unsecured credit, and so we've

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Speaker 1: we've found value there. Okay, So this is actually really

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Speaker 1: interesting because, uh, perhaps you give up a little bit

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Speaker 1: of liquidity, but you get the extra spread and the

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Speaker 1: extra protection on the covenants. And I'm just wondering how

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Speaker 1: much access you're starting to see baked into private debt kets.

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Speaker 1: I'm thinking, for example, Black Rocks CEO Larry Fink said

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Speaker 1: yesterday at the n EPC Investment Conference in Boston, UH

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Speaker 1: that perhaps investors are now overallocating to alternatives, and he

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Speaker 1: was including private debt in that. What's your take on it, um,

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Speaker 1: So I do agree with Larry, but we're talking about

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Speaker 1: two different parts in the market. So I believe what

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Speaker 1: Larry is speaking to UH in private debt is typically

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Speaker 1: in the US, most investors when they speak a private

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Speaker 1: debt are talking about middle market loans, and so there

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Speaker 1: has been a huge amount of capital raised in that sector. UM.

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Speaker 1: So those look more like the syndicated loan market, just

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Speaker 1: in private space where we've been focusing as a life

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Speaker 1: insurance company with UM capital, UM capital constraints, etcetera. We

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Speaker 1: look at the at the investment grade part of the

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Speaker 1: private debt market and there that's really typically the purview

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Speaker 1: of the life insurance companies. A little bit in the

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Speaker 1: in pension funds, that is not a particularly overcrowded space.

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Speaker 1: It's really the middle market space. I believe that Larry

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Speaker 1: refers to so many give us a sense of kind

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Speaker 1: of you know, what are the sectors that you are

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Speaker 1: attracted to the private equity or the private bond market,

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Speaker 1: other sectors or types of issuers that are most attracted

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Speaker 1: to that market. UM, It's really a broad swath. I

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Speaker 1: think what I'd say is is UM it's a very

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Speaker 1: diverse market. Anything from some corporates, some of the smaller

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Speaker 1: UM corporates that don't feel that they want to take

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Speaker 1: the UM operational overhead to go to the public market UM,

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Speaker 1: but they think that they can access capital, which they

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Speaker 1: can from from private sources with much less reporting burden.

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Speaker 1: So you see it there. You've seen some sort of

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Speaker 1: innovative structures where people need as an issuer, we need

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Speaker 1: flexibility so flexibility in terms of terms, in terms of

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Speaker 1: um of tenor um those sorts of things. So the

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Speaker 1: private market gives the issuer a lot more flexibility as

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Speaker 1: opposed to typically issuing five years, seven year, ten year,

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Speaker 1: thirty year debt. Randy, I assume that you it's in life,

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Speaker 1: You're not alone among insurers and going into this area. Correct,

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Speaker 1: that's correct. Yeah, I've heard of this is sort of

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Speaker 1: being an increasingly popular area over the past bunch of years,

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Speaker 1: and I'm just wondering, what's the risk on the liquidity

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Speaker 1: side if there was some sort of need to either

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Speaker 1: read you your portfolio or for whatever reasons, sell these bonds,

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Speaker 1: how much of an audience would there be for them? Um? Well,

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Speaker 1: I I'd separate a good question, and it's one certainly

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Speaker 1: I get internally and externally quite a bit. So I

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Speaker 1: would say, first of all, we um we run a

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Speaker 1: lot of liquidity stress tests, so we're not going into

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Speaker 1: this sector with the idea that in a in a

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Speaker 1: crisis we're going to need to sell it, because it

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Speaker 1: really is pretty much a buy and whole type of product.

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Speaker 1: That being said, in two thousand and eight, we as

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Speaker 1: a company were able to sell quite a bit um,

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Speaker 1: particularly in the one part of the market. Um, you know,

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Speaker 1: the beauty of of of the life insurance model versus

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Speaker 1: let's say the bank model is it's very hard to

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Speaker 1: have a run quote run on the bank on a

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Speaker 1: life insurance company. So we are we in pension funds

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Speaker 1: really can take a very long perspective on our investments

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Speaker 1: because we don't have those, um, those heightened liquidity and

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Speaker 1: leverage constraints the banks have. So really just real quick here,

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Speaker 1: how much have you increased your allocation to the private

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Speaker 1: debt market. We've increased it about three percent of our

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Speaker 1: assets over the last several years. It doesn't sound like

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Speaker 1: a big move, but actually for for a life crow,

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Speaker 1: that's actually a fairly big move from from zero percent allocation. No, no,

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Speaker 1: we we've been in these markets for you know, over

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Speaker 1: fifty years, so we're currently at about asset allocation in

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Speaker 1: in just a private death space. Randy Brown, thank you

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Speaker 1: so much for taking the time. Really interesting area and

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Speaker 1: one that I hope we have you back to talk about.

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Speaker 1: Randy Brown, Chief Investment Officer of sun Life and head

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Speaker 1: of Investments for sun Life Investment Management. Well, I ran

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Speaker 1: it is threatening to abandon limits on uranium enrichment unless

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Speaker 1: Europe throws it an economic lifeline within sixty days, basically

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Speaker 1: putting in peril potentially the Nuclear Accord joining US now

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Speaker 1: to talk about this aerial coh and senior fellow at

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Speaker 1: the Atlantic Council in Washington, D c Ariel. How scary

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Speaker 1: is this? I mean, are we looking at what is

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Speaker 1: ultimately a likely devolution of this nuclear treaty? Indeed, and

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Speaker 1: I am wondering if this is walking into a mind

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Speaker 1: filled without a map. Um, we have not just Iran

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Speaker 1: being extremely aggressive. Uh. The more we push the Mulla regime, UH,

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Speaker 1: the nasty they become. They funded uh the extremists in

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Speaker 1: the Daza strip and organization called Palestine Islamic Jihad to

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Speaker 1: shoot rockets in Israel. And then CAMAS, which also received

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Speaker 1: support from Iran in the past and possibly is still

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Speaker 1: receiving it. Uh. They chimed in shooting over six hundred

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Speaker 1: rockets into Israel. Uh. They fund the fully owned subsidiary

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Speaker 1: in Lebanon, Colchizbala, which our government, the US government said

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Speaker 1: that it is um the prime the the a league

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Speaker 1: of terrorists organizations around the world, and UH, unfortunately for US, UH,

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Speaker 1: the Europeans, the Russians, and the Chinese are on the

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Speaker 1: Iranians side and not on the U S side, And UH,

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Speaker 1: walking into something like that without allies is really a

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Speaker 1: questionable proposition. I would say so, Ariel, the Trump administration

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Speaker 1: walked away from this nuclear agreement about a year ago,

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Speaker 1: So from you know, given that perspective, how would you

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Speaker 1: characterize the US position towards Iran? Now? Uh, the Trump administration,

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Speaker 1: correctly in my opinion, disliked and President Trump disliked the

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Speaker 1: deal negotiated by the Obama administration. It UH put at

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Speaker 1: the clock kicking in terms of Iran being capable of

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Speaker 1: developing nuclear weapons and still developing ballistic missiles UM as

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Speaker 1: we speak. But at the same time, I think the

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Speaker 1: Trump administration wanted to impose sanctions on Iran and bring

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Speaker 1: that regime under pressure from its own people. Whether it's

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Speaker 1: happening or not, I think is happening somewhat. But at

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Speaker 1: the same time, we're targeting the Iranian Revolutionary Guard Core,

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Speaker 1: and that is a nasty organization. Think about a combination

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Speaker 1: of Buffon Assas and KGB. It has a military component

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Speaker 1: and a security police component, and we declared these guy's terrorists.

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Speaker 1: They declared us our troops in the Middle East terrorists.

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Speaker 1: They said, we're going to they're going to target our

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Speaker 1: troops in Iraq and elsewhere. Um Pompeo went to Iraq unannounced.

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Speaker 1: So the things are escalating pretty fast. And again I

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Speaker 1: am not sure whether this is the trump um strategy

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Speaker 1: of making a lot of noise and scaring the opponent.

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Speaker 1: We're trying to do it with the Chinese now with

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Speaker 1: a threat of tariffs on Friday or uh this will

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Speaker 1: go straight to a military clash and if it happens,

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Speaker 1: the Iranians can mind can block the straight off for

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Speaker 1: moose through which of exported oil in the world is flowing, right,

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Speaker 1: and that will bring the oil prices way a bob

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Speaker 1: hundred and twenty into range for a short time, but

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Speaker 1: it will be a huge, huge spike in the oil price,

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Speaker 1: and that may or may not. Going back to Ran

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Speaker 1: and this idea where they're basically saying that Europe needs

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Speaker 1: to send it to provide it through an economic lifeline

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Speaker 1: within sixty days, This specific request actually is something that

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Speaker 1: is written into the agreement, right, I mean, it's not

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Speaker 1: that outrageous for you're on to be asking for this

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Speaker 1: because the European region has promised to continue trading and

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Speaker 1: engaging with with Iran if it did adhere to this agreement.

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Speaker 1: So how does this how does this work out? Given

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Speaker 1: Europe's relationship with the US not wanting to anchor them

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Speaker 1: as well as frankly their promise under this pact. Indeed, UH,

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Speaker 1: the chief of European the EU foreign Policy, we're not

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Speaker 1: talking specific countries, We're talking Brussels. The EU, the chief

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Speaker 1: of their foreign policy as a woman, culled Frederica Margarini.

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Speaker 1: She was a former Italian foreign minister and she is

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Speaker 1: not exactly a friend of the United States. UH. Nor

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Speaker 1: by the way, in this position as Germany, Germany wants

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Speaker 1: to continue to trade with Iran. There are a lot

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Speaker 1: of interest for the German companies, and what the Europeans

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Speaker 1: did was to set up this separate facility to trade

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Speaker 1: with Iran. UH. The Iranians, in the meantime are reportedly

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Speaker 1: setting up new oil prospecting licenses that will favor the Europeans.

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Speaker 1: Those The Iranians are playing the oldest game in the book.

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Speaker 1: They're trying to split the adversaries, split the EU from

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Speaker 1: the United States, and the EU is planning right into

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Speaker 1: the Iranian sands. Hary o' cohen, thank you so much. Ariels,

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Speaker 1: a senior fellow the Atlantic Council, joining us on the

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Speaker 1: phone from Washington, d C. As I mentioned earlier, IBM

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Speaker 1: is in the market as we speak, with a twenty

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Speaker 1: billion dollar corporate bond deal that marks, uh, you know,

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Speaker 1: a very busy We've got Bristol Myers earlier this week,

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Speaker 1: so shaping up to be a very busy week in

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Speaker 1: the corporate bond new issue market. To dive a little

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Speaker 1: bit deeper into what's going on in that market, we

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Speaker 1: turned to Molly Smith. Molly's a corporate finance reporter for

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Speaker 1: Bloomberg News. She joins us on the phone. Molly, thanks

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Speaker 1: so much for joining us. So just give us the

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Speaker 1: details here on this IBM deal. Thanks Ball. So, yeah,

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Speaker 1: this was pretty well forecast. We all knew that UM

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Speaker 1: IBM was going to be in the cards sometime this week,

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Speaker 1: and they were really UM proactive in reaching out to

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Speaker 1: make calls to investors yesterday while Bristol Myers was unfolding.

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Speaker 1: UM it's been a very busy week and we've got

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Speaker 1: an other busy one coming up next week with a

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Speaker 1: lot of other forecast M n A deals, So a

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Speaker 1: lot of supplot coming into the market right now, But

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Speaker 1: these are all M and A transactions that investors have

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Speaker 1: been waiting for and preparing their portfolios for to participate.

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Speaker 1: One thing that's sort of interesting, Molly, is that you've

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Speaker 1: seen a little bit of tumult in US equity markets,

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Speaker 1: and you've seen spreads widen a little bit, and I

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Speaker 1: want to emphasize little here, uh in the corporate debt markets.

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Speaker 1: So it's interesting to see these huge deals coming and

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Speaker 1: they're getting done. How well are they getting done? What's

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Speaker 1: the pricing like, well, Bristol Paris yesterday? Um, extremely well.

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Speaker 1: And again it really speaks to that these are not

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Speaker 1: surprises these deals coming forward. When you're going to come

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Speaker 1: forward with a top ten largest deal of all time

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Speaker 1: in like the Neighborhood of twenty billion dollars, you're going

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Speaker 1: to make sure that the demand is there on the

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Speaker 1: investor base, so no one is being caught off guard.

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Speaker 1: Investors have been preparing to participate in these deals. We

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Speaker 1: saw IBM bon selling off yesterday, the people preparing to

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Speaker 1: get more exposure or to that name today. Um and yeah.

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Speaker 1: It is interesting when you see a little bit of

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Speaker 1: that disconnects that equities have been plumping. Volatility is high,

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Speaker 1: but when you have deals that people know are coming,

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Speaker 1: and it's a bit of a you know, seasonality factor

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Speaker 1: to that. We know that May is typically a heavier

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Speaker 1: month heading into the summer months really starts to quiet down.

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Speaker 1: So if you have these kinds of deals that you

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Speaker 1: need to get done, this is the time to go forward.

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Speaker 1: Although it is interesting, you know, yes, there have these

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Speaker 1: have been well telegraphed deals. These do not come as

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Speaker 1: a surprise. The demand has been there, but the question

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Speaker 1: is still at what price And the fact that people

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Speaker 1: are willing to price these deals a very attractive terms

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Speaker 1: still for the issue or is despite some of the uncertainty,

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Speaker 1: really sort of underscores the unbelievable demand for this debt

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Speaker 1: that we have seen just persistently this year and frankly

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Speaker 1: throughout the past decade. You know, it has been incredible.

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Speaker 1: And even looking at the Bristol deal yesterday, I mean,

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Speaker 1: the book ended up being what I mean more than

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Speaker 1: it was three times oversubscribed in that neighborhood, so you

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Speaker 1: could have even seen like the deal go bigger understandably

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Speaker 1: and even just looking at how much of a bridge

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Speaker 1: loan they had taken out that maybe they could have

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Speaker 1: borrowed more, but UM speaking to a bit of the

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Speaker 1: discipline that borrowers have had to and like staying within

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Speaker 1: their lane and not trying to push the leverage too high,

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Speaker 1: because obviously that's been a concerned in our market as well,

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Speaker 1: especially with those single A names pursuing M and A

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Speaker 1: and possibly going down to triple B, which it looks

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Speaker 1: like so far Bristol Myers is dick clear of and

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Speaker 1: IBM will probably as well. So'm only what are the

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Speaker 1: use of proceeds by and large for some of these

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Speaker 1: big monster deals? Are these to refinance existing debt? Are

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Speaker 1: these for the fund M and A to fund capital spendaitures?

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Speaker 1: What's kind of been the use of proceeds? This is

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Speaker 1: a largely M and A so bristoally yesterday within the

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Speaker 1: market to help fund to the takeover of Celgene there

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Speaker 1: was a seventy four billion dollar transaction, the largest merger

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Speaker 1: and pharmaceutical history. UM I believe some of the proceeds

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Speaker 1: as well could be earbarnes for general corporate purposes and

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Speaker 1: UM and also Bristol is pursuing them a five billion

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Speaker 1: dollars share repurchase program them, so some of the proceeds

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Speaker 1: may be used for that as well. IBM today this

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Speaker 1: is us for their redhead trent Um takeover. That's the

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Speaker 1: largest one that IBM has done in its history, and

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Speaker 1: we've got next week coming up. T mobile Um likely

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Speaker 1: will be moving forward Um with its bond sales help

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Speaker 1: fund the Sprint acquisition, as well as on Fidelity National

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Speaker 1: and World Pay. Molly Smith, thank you so much for

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Speaker 1: being with us. Molly Smith is a corporate finance reporter

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Speaker 1: for Bloomberg News, talking about the bon bonanza currently going

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Speaker 1: on in the investment grade space and frankly we are

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Speaker 1: seeing at the high old debts space as well, with

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Speaker 1: the busiest day in about three months recently at people

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Speaker 1: basically saying now is the time we've had these deals

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Speaker 1: in the works, let's unrule them. Thanks for listening to

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Speaker 1: the Bloomberg P and L podcast. You can subscribe and

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00:24:46,520 --> 00:24:49,640
Speaker 1: listen to interviews at Apple Podcasts or whatever podcast platform

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Speaker 1: you prefer. Paul Sweeney, I'm on Twitter at pt Sweeney.

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Speaker 1: I'm Lisa Bramwoy. It's I'm on Twitter at Lisa Bramwoy

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Speaker 1: its one before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio thakak