alix: rick rieder is with us. he is responsible for one $.6 trillion in investments. global bond market so let's dig into the u.s. corporate bond markets. this is u.s. investment grade monthly on the buying. issuance really fell off in february and was down in april but really picked up again in june. what is your expectation for the rest of the year? >> i think you are in an environment where there are three ways companies can return on equity, topline revenue, margins come oral brevet -- or leverage. --erage and margins are equity and revenue are difficult. debt to revenue is growing but that too services not growing. one of the metrics is your interest coverage. it's your cash flow relative to your interest expense because of where policy is an rates are. companies are pulling that putting up more debt but their debt servicing costs are not going up. i think that supply will keep coming to the market place. alix: a company can borrow money from the market with very little restrictions. where is that trend? >> there is a demand for yield. that means there are times

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rick rieder is the cio of fixed income at black rock. we will speak with him. -- will it happen?ith carolyn mccall, the ceo of easyjet. thecine: mervyn king is former bank of england governor. he wrote a book, "the end of lchemy." tom keene has posters of the book in his room. when you look at monetary policy around the world, should more be done to calm markets in general to coordinate central-bank action? the most: no, important thing at this stage is for everyone to understand that central banks are prepared to supply liquidity if and when it is needed. the central banks will provide it on demand. i think the concern is that the longer run economic position is one in which most countries in the world feel that if only the rest of the world would grow properly, we would be fine. so what do we do? we try to lower the exchange rate. i think central banks should not compete and try to push down their exchange rates, but there will be big changes in exchange rate needed if we are to get back to a stable position. we should not try to resist that. in the meantime, monetary policy in