Transactions are harder to get up at the moment. It would be simpossible to get a bond issue up in present market conditions. Liquidity is tight and pricing will be volatile in the short-term. PPPs will be financed through the banks and both NAB and Commonwealth have expressed interest in this sector but not unequivocally. Lenders are applying greater protection in their lending arrangements including wide use of draw stops, increased covenants, extension of minor default triggers to cover a wide range of events (and higher margins), greater push-back of risk (including state risk transfer). International banks have been aggressively looking for default triggers to precipitate refinancing or higher spreads.
Present market instability is largely the result of a loss of confidence and low levels of trust at the institutional level.