with me around the table is bob miller, anupam damani, and george resnick.eorge, we started to see this, just on the margin in credit, where things used to have the initial talk and then tighten to execution and go to the market and rally above heart. we are not seeing that play out quite so much when these new issues come to market. why? george: the market is becoming a little bit more saturated with what is going on. you are seeing late cycle behavior, especially in credit, where you are seeing the idea of fundamentals waking up to that and ebr ratios. you are seeing triple c's outperforming. they've outperformed the last nine or 10 weeks. they have outperformed year-to-date. you are also seeing the idea of weaker covenants issuance, and unfortunately the market is starting to push back a little on the weakening fundamentals, and not able to digest it as well. jonathan: bob miller, is it the beginning of the end of the good times? i don't think it is the end by any means. but it is starting to feel like a gradual shift away from the pricing from year-to-ye

joining me is bob miller, george resnick, and anupam damani.e margin in credit, things used to have the initial talk and then tighten to execution go to the market and rally above heart. we are not seeing that play out so much when these new issues come to market. why? bob: the market is becoming more saturated with what is going on. you are seeing late cycle behavior, especially in credit, you are seeing the idea fundamentals waking up to debt. the are seeing triple c's outperforming. they've outperformed the last nine or 10 weeks. george: you are also seeing the idea of weaker covenants issuance, and unfortunately the market is pushing back a little on the weakening fundamentals, and not able to digest it as well. jonathan: is it the beginning of the end of the good times? it's ursa feel like a gradual shift away from the pricing from year-to-year. bob: i think we are in a regime change, and i know my colleague was almost morning talking about this. we're moving away from the post crisis period of monetary policy with no help from fiscal and

anupam damani and george rusnak.amming note, in a few minutes jay powell will give a speech in chicago. stay tuned for full coverage on bloomberg. from new york, that does it for us. will see you next friday. this was "real yield". this is bloomberg. ♪ this wi-fi is fast. i know! i know! i know! i know! when did brian move back in? brian's back? he doesn't get my room. he's only going to be here for like a week. like a month, tops. oh boy. wi-fi fast enough for the whole family is simple, easy, awesome. in many cultures, young men would stay with their families until their 40's. weli can tell you about...re. streaming the most free tv shows and movies on the go. yeah, and... xfinity internet. it's so fast! and you can save by... by getting up to 5 mobile lines included. whoa, you're good. i'm just getting started. ♪ simple. easy. awesome. come see how you could save $400 or more a year with xfinity mobile. plus ask how to keep your current phone. visit your local xfinity store today. mark: i am mark crumpton with fir