“On January 25th we got word from the Fed that ZIRP would be extended until at least 2014. Bernanke’s guarantee of another two years of cheap-cheap money has lifted the market’s animal spirits. Since the Fed announcement (33 trading days), the S&P got a 7% lift. But that’s not the measure of Ben’s success. I’m seeing it in deal flow:
*There have been 29 IPO’s that raised $3.3B
*Another 35 deals got inked for secondary issuance of common, preferred and/or convertible stock totaling $3.7B
*The visible calendar for both IPOs and secondaries is big. $4.3B is registered for sale; another boatload of paper wants to get sold on top of that.
*The High Yield market blew out $70B of paper.
*Leveraged loan activity has totaled $75B.
I want to focus on six deals ….”
Related article: 50% of Investors Think The Fed is too Loose
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