vonnie: let's bring in criag bergstrom and brian rehling. issuance is ahead scratcher. t me ask you if what we are seeking -- seeing is based on any reality in the markets. brian: i don't think so. i think you will see issuance come up. it takes time for things to move through the pipeline. no doubt with the decline in rates we have seen, credit spreads have been mentioned quite tight. it will be more proactive in the new year. vonnie: explain the tightness of these at the moment. craig: credit markets have rallied quite strongly. it feels they are following other assets. it is following strong returns for equity, mirrors strong returns for on the run leverage loans. at the same time, it does not feel to us as investors like those on the run credit assets represent particularly attractive value. vonnie: explain why the market is being so kind to junk borrowers. it is as if there is no anticipation there will be trouble ahead. craig: if you want to look on the bullish side, you say the market is expecting three or four more rate cuts next year. if you get that and a soft