Essentially majority of sell side volume over the last month is...

Essentially majority of sell side volume over the last month is retail. It would be great to have the insto support picking that volume up at these levels but looks like majority retail buying too.

I can’t blame the sellers given lack of insight into why the debt continues to roll quarter to quarter. I suspect there are some pretty solid all-in rates for BKT from the syndicate, as opposed to say a corporate junk bond offering that the rate is probably more in the realm of mezz rates. Unfortunately with syndicates, they are only as quick as the slowest risk team and it appears there is a hold up.

I still maintain yesterday’s announcement was lost on the market and should the doubtfulness oft he debt have not been overhanging, that commitment (albeit non-binding at this point) from POSCO provides a very clear pathway towards FID and construction.

Although the physical market is cooked for the minute, I think this project is far to attractive to no see SP appreciation towards FID. The question is then how much of Mod1 and 2 NPV do you capture working through construction. Seems bleak now but its well undervalued. I seem concept companies out there with double the MC valuation.

Key is term sheets……and if not by Q3 end, detail rather than a Q4 target.