The Federal Reserve held off on an interest rate raise this week, boosting markets slightly although it also signaled two more rate hikes this year. For now at least, the window seems open for primary issuance.

Chemicals distributor Univar looks like a good barometer for market conditions as the pipeline grows. The debt financing backing its buyout by Apollo is already oversubscribed, which bodes well for other deals waiting in the wings.

“The pipeline has always been there,” said a sponsor coverage banker. “People didn’t want to have a failed process, but they were open to conversations. Some of the stuff that was lurking in the shadows are real processes now.”