In other words, you have to agree that the new-issue market has more than its share of hazards.

FORBES: Venture vetting

The same factors are at work in the new-issue market, where, in late June, clearing yields narrowed and flex activity shifted sharply in favor of issuers.

FORBES: Connect

In the new-issue market, the story was similar.

FORBES: March 2012, US Leveraged Loan Market Trends and Analysis

The pattern was also clear in the new-issue market where single B clearing yields gapped out 13 bps versus those of BB loans, which remain in high demand not just from institutional loan accounts but banks and cross-over investors.

FORBES: Leveraged loans return 0.31% in November; YTD return is 8.8%

In other words, even putting aside the possibility that the Net sector on Wall Street is a bubble waiting to pop (a matter about which there is considerable debate), you have to agree that the new-issue market has more than its share of investing hazards.

FORBES: Venture Vetting

In particular, the revival of the new-issue CLO market buoyed demand for seasoned paper.

FORBES: Connect

Along with a better-than-expected macro environment in August, surplus inflows to the loan market lifted secondary prices and pressured new-issue clearing yields lower.

FORBES: Connect

Certainly, the forward calendar implies that new-issue volume will continue apace once the market gets back to business.

FORBES: Connect

Supply sagged in August even though issuers took advantage of the strong market tone to keep the new-issue spigot open deep into the month.

FORBES: Connect