Ladies and gentlemen, welcome to Grant's Interest Rate Observer of the Air.

I am Jim Grant, and with me as usual today is Eric Whitehead at the controls.

Eric's our engineer, the great Evan Lorenz, deputy editor of Grants, who is, his mic

happens to be muted, but he's still here.

Fabiano Santin, who is on the staff of grants and does

some of our very best credit work as with us as well today. Hey, we have some news. We have chosen

a name for this podcast. The more I read about a podcast, the more I realize that you can't

have an unnamed podcast and be taken seriously in the world of podcasts. We're going to call this

current yield, which was the name that my late great mentor, Robert M. Bliburg, attached to the column I wrote at Barron's about 150 years ago.

So, yeah, current yield. Current Yield's name is podcast. We have as usual, I'm very glad to have them indeed, ZipRecruiter for your hiring needs. And we have a new sponsor. We have SaneBox, which is going to take the insanity out of your email. And joining us today

as a guest, a very welcome guest indeed, is Tony Canali, who is the global head of research at Covenant

review, those people who do such fine work, reading and interpreting the fine print that nobody

else seems to want to read, fine print in the loan documents.

So this is a show about credit, which is a topic ever so timely, indeed urgent.

Thanks to be here, Jim.

Well, it's good to have you.

You know, what prompted our invitation, not that we really need one, a prompt, that is,

to reach out to Covenant Review, what prompted the immediate email was news that the state of Delaware

has enacted something that is meant to separate even more of their creditors from their money

than hitherto had been the case. Can you tell us what happened in Delaware and what it means?

Sure, sure. Well, what happened was Delaware recently amended its Limited Liability Company Act to allow limited

liability companies to divide.

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