what do you make of what is happening here is this just a period of indigestion that the market is going to have to go through a resetting of expectations after we found a clearing price we can move on is that too simplistic or is that basically what is happening i would never say good morning football as well i would never say anything you said is simplistic but i would say its more its deeper than that so so those are transactions that were consummated a while ago in the debt markets obviously have faltered dramatically largely given volatility and largely given increasing interest rates and peoples appetite for risk so its not a function of simply clearing clearing the balance sheets the banks so that they can get back into the market its really a question of when we get to equilibrium when when do we get to a point where people are comfortable that there is a consistent view on what rates should be and that that banks cannot absorb credit and sell that credit into the market with consistency that wont happen for a while what does a while mean well a wild means is i think in my view when we all believe that we have a certain view as to where the interest rate environment will end up so until the fed stops cutting starts increasing i should say until the fed gives the signal it gives the market the signal to some consistency in rates its very hard for banks to be willing to take these obligations on their books and take the risk its over time before they sell it understand what banks are doing here theyre not and buyers of debt theyre sellers of debt so all theyre doing is acting as a conduit to the public markets in order to effectuate transactions and theres always a time delay so their issue is simply can i sell it and whats the clearing price and what theyve realized over the past six months is they they they obviously were wrong on clearing place not their fault necessarily since the market has made an unprecedented move in increasing interest rates but this is just the vagaries of our business so i would tell you that the public debt markets for low investment grade credit is going to be shut for a while what does that mean for deal flow mark well it means some of the larger transactions will have a more difficult time getting financing because generally speaking thats where they got their money from which is the big and fully distributed bank markets but the good news in this were seeing this today the good news is the private credit markets have grown dramatically and these were an 80 billion dollar market back in back in 2008 its an eight hundred billion dollar market in the us at a trillion to globally and these institutions are buying credit theyre underwriting credit and buying risk so they dont care about i mean they care about where interest rates go but theyre looking at a long term investment putting money to work and so while theyre tightening up and yes the increased volatility in interest rates doesnt help their cause and so they widened spreads and they can get more conservative given given some of their concerns about the economy its still putting money to work and were seeing even for larger transactions and theres been a number of them yeah theyve stepped up and put money to work mark what about the uk it feels like its in one hand an entirely different beast on the other hand signals what could happen as liquidity is rapidly withdrawn but theres still money floating around from the government what are you noticing there its a more complex situation and i think the difference between the uk market our market is the economy there has been troubles for quite some time so people talk about this trusss increase in a decrease in taxes as being the instigator for the pound falling but in fact the pound was falling well before that so theres this economy that needs a bit of stimulus in order to back in competition with the us you know we have our issues with our own economy but its not terrible its not bad i mean there are many companies that are doing quite well some of the consumer cyclicals are having problems because you know they were were buying into what they thought were pandemic level demands which hasnt come to fruition not a huge surprise but you know they would change chasing sales and theyll have to restructure and thats fine well well come out of this okay the uk you know they have to get their dollar pound parity for dollar pound relationship back into a more historic level or else theyre going to have a tough time driving their economy mark are there any opportunities outside the united states youre looking at right now i guess you say the currency alone is making assets abroad cheap is that where the opportunity lies right now or do you think the volatility is just going to scare people off so when you look at corporate buyers and to the extent that they have foreign companies on their radar this will be a very good time for them to pounce obviously youre getting a 20 percent discount by virtue of currency when you look at where the big money is today which is in the private equity market theres still an enormous amount of dry powder in the trillion dollar range thats still focused domestically and in a significant way now obviously there are there are euro based funds that invest overseas but thats not taking advantage of crossborder interest rates