Jonathan DeSimone

The wild cards for the second half remain the same ones we have seen -- commodity prices, China, central bank actions and a number of elections.

Jonathan DeSimone

I would say generically that it's a fair fight between the two asset classes right now, on the primary side, there's probably a slight edge to loans. From a pure secondary to secondary standpoint, I think there is probably a slight edge to high-yield.

Jonathan DeSimone

As an investor, we certainly value the trading liquidity that the established counterparties offer in our market, and we absolutely put a premium on those situations versus those where the deal is not going to trade to the same extent, we would expect cost of capital to be lower than for an instrument syndicated by an institution that hasn't invested as much in its trading platform.

Jonathan DeSimone

The proof will be in 2015, where you will start to see the trends after deals that were already in the pipeline earlier this year were done.

Jonathan DeSimone