This is a return to conventional premiums that historically are part of the IPO market. We are back to more normal premiums.

When the IPO market tapers off, the more speculative types of issues tend to take a bigger beating than those more

People focus on the Nasdaq indices because in general they represent the kinds of companies that are coming out - younger companies,

Biotech is going to continue to be a good market.

This is a return to conventional premiums that historically are part of the IPO market, ... We are back to more normal premiums.

We've got a decent tone to the market and a select number of quality deals are getting out. Everyone is being careful about the quality of offerings being scheduled.