Do you find a lot of borrowers and issuers right now are going to market so they know the devil that they do versus the devil that they don't? Or are they holding off to try to grasp at some better financing conditions that may exist in the future?

So September was a record month in high-yield new issuance activity.

We also saw very elevated levels in the loan market.

Most of that was M&A driven.

The majority of what was a $54 billion high-yield financing month was M&A related.

That's a record.

And that really did take a lot of liquidity in the market, and that's part of the reason why spreads widened as much as they did in September.

And so we're trying to make sure that we're sort of at the front end of thinking through what comes next.