citigroup's tyler dixon describes the hot year in sales. >> with rates where they are, with spreads wherehey are, and with pricing acting the way it is working right now, we are seeing primary new issues come through secondary prices, that is going to pull forward a calendar that is going to make sure that the first quarter is very busy on tcm. sonali: let's bring in the perfect panel. maureen o'connor, wells fargo head of high-grade gets in cap. maureen, set the state chair. that cap set by wells fargo, we might have broken it. how can this exuberance continue in the investment-grade market? >> i mean, at this point it feels like the floodgates are open. all of the stars have aligned in january as far as investment-grade market technicals are concerned. we have this environment to where you had really frothy returns right at the end of the year that broad and all of this new cash into the system. all of these total rate-of- return accounts have been chasing very strong performance the asset class right to the end of last year, but you also have an elevated yield environment continuing to

tyler dixon -- tyler: great question.he backdrop of stable interest rates and stable spreads, and the view that we are past peak interest rates and the likelihood rates come down creates a backdrop or tailwind for private equity to step up. many have a responsibility to return money to their lps. so we are seeing a big uptick in activity of them wanting to divest and monetize. we are frankly also seeing it in the equity markets. if they continue at this pace, we will see more ipos on the sell side from financial sponsors and with the strong bid we are seeing in dcm, the story has been about dcm, we will see investment grade markets work. more portly, leverage finance markets will work. if they were, our financial sponsor friends will be active. sonali: ecm, let's start with that ipo market. we have names coming to market. even in a week from now and the next couple of weeks, it is interesting. do you think investors are going to be happy? the ipos we saw at the end of last year kind of struggled. tyler: we talked about it

tyler dixon from the city.the airline sector spirit airlines adeptly lower, spirit cleansing 47% after federal judge blocked jetblue from acquiring spirit saying it would drive up fares for price-sensitive consumers jetblue proposed a billion-dollar purchase of spirit would produce the fifth-largest airline, spirit stocked on 25% will jetblue down 40% in the last year, one consideration if you look at the m&a expectation is what the u.s. government will say about it. stay with us. we'll be right back. in a rocky mountain setting? spanning over 280,000 acres, three forks ranch is the destination for luxury and adventure. enjoy private skiing with 23 runs for every level. kick back for intimate performances from the best in country music. enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat. discover the west kept secret. go to threeforksranch.com to book your luxury experience. there are some things that work better together. like your workp