Hi Jason,

Isn't the first one counterintuitive? I mean, bubbles generally coexist with ample liquidity and while this may have a mixed effect on coupons (depending on what level the inflation is), I think covenants would be more relaxed in a bull market/bubble to encourage lending and keep the liquidity tap on. Before the bubble pops, there would be several 'hot' investment avenues, perhaps forcing covenants to be more liberal in favour of the investor. Just a view - maybe I am missing a point. What's your view?

Regards,
Jimmy Dotiwala, CFA