One of the BIG stories of yesterday was the completion of the TXU LBO deal. I think the TXU deal was the biggest LBO deal EVER. While the media moaned over Merrill Lynch's $8.5 billion writeoff, the TXU deal got done. In today's Wall Street Journal (page C8) -- in the Credit Markets column -- the following was written:

Big Sale of TXU Debt Is Success Despite Risks

Energy Future Holdings, formerly known as TXU Corp., made history in the debt markets yesterday.

Bankers successfully placed $7.5 billion of bonds, the largest high-yield, or junk, bond issue ever, with a portion of the deal in risky pay-in-kind toggle notes that market participants weren't expecting in this round of debt sales for the leveraged buyout.

RJR Nabisco had been the record holder close to two decades with its $6.1 billion junk-bond issue sold in 1989.

Strong demand allowed the underwriters to increase the size of the offering from an originally estimated $4.5 billion.

The junk bond market and the leveraged loan market are both recovering rapidly. Yesterday's historic event was only seen by those who follow the bond market or who read deep inside the Wall Street Journal. Most people probably only read (or heard about) the front page -- "Merrill takes $8.4 billion credit hit."

The junk bond market, which "seized up" in August, is now alive and well. It's so WELL that history was made yesterday--positive history. But to read about it, you'll have to dig deep inside the Wall Street Journal. And don't expected to hear about it on CNBC.