As for volume over the final stretch of 2012, arrangers say they are modestly bullish.
Arrangers say the stars are aligned for dividend activity to persist in the months ahead.
Despite better tone, arrangers expect the back half of the month to bring little new supply.
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Given these credit stats, it follows that second-lien loans are wide-margin product taken primarily by relative-value investors, arrangers say.
Not even the arrangers predicted the storm that would hit the credit markets.
Sensibly, the plan calls for payment of arrangers' fees to be spread over time and reduced if the loans blow up.
The same to be true of flower arrangers (yes, some States do require licenses for this), morticians and yes, even doctors.
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Looking ahead, arrangers expect dividend activity to continue apace as long as technical conditions are supportive and the macro picture remains stable.
The affiliated banks of the joint lead arrangers, JPMorgan Chase Bank, N.
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Saxophonist Dave Pell and his troupe of top-notch Hollywood arrangers also handled the task of writing for a large group of players with style and skill.
The prospects for post-Labor Day volume are decent, arrangers say.
Mingus failed to mention to the interviewer that, a decade before, as the big Town Hall concert loomed and arrangers were frantically arranging, Knepper and Mingus had argued over getting the parts copied in time.
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Given the greater liquidity in the high yield market, some arrangers are a lot more comfortable underwriting senior secured bridge loans to high yield and then flexing and structuring the capital structure based on market demand.
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They accelerated in the spring, when UBS shut down its Dillon Read hedge fund after losses in subprime bonds, and really hit a tone of urgency in June, when Bear Stearns, one of the biggest arrangers of mortgage bonds on Wall Street (and presumably, thus, an expert) was forced to shut down two of its hedge funds because of overwhelming redemptions and margin calls.
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