Terms on corporate debt are starting to resemble terms found before credit markets froze. Pay-in-kind bonds are back in favor after being shunned during the credit crunch. "Six months ago I wouldn't have imagined being able to do this deal," said Karim-Michel Nasr of Weather Investments. "It is an issuer's market, but in the sense that investors are looking for companies that are pushing maturities out, storing up cash for a rainy day."

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