Market Focus: Deal Flow: Slow And Steady Wins The Race

Though larger institutional investors agree that distribution may be a problem experienced by smaller players, the repeat issuer syndrome is something they consider synonymous with lower issuance. "It's just cautious behavior on everyone's part. Repeat issuers want to make sure they'll get the reception they've had before," said the source. Despite Chase's prevailing efforts in even distribution, buyside sources still predict losing out. "I can't get involved because the spreads are going to get too rich" said one source. "We're hoping it will stay slow through Labor Day," said one buyer from a small private placement investment team, on his return from vacation. "At least so I can finally see the wood on my desk, see the floor and see out the window."