winnie cisar of wells fargo securities, head of credit strategy, doing to me now.tructive on the higher quality parts. we thought that the first move in this market volatility was very much associated with liquidity rather than fundamentals. now we have transitioned to the point where it is going to be all about fundamentals. while we are not saying sell everything in the leveraged finance side of things, it is clearly not time to step in and you have thet, as fed very much backstopping investment grade through its three programs with issuers. alix: does that mean you just have to buy what the fed is buying and be aware of any fallen angel potentials? winnie: i think there is some atortunity to take some risk the front end of the ig market. that is where we look to put our beta trades on. the transition is going to be pretty bumpy, particularly if investors are not in their typical seats, and having some liquidity issues in the markets. pollinators -- generally, pollen angels over the long term ash generally, fallen angels perform well over the long term. if you ge

haidi: let's bring in winnie cisar, the head of credit strategy at wells fargo securities. bit of a brave new world, particulate as the fed is venturing into support of these high-yield, potentially distressed companies venturing into junk bonds. what does this mean for investors because we have already seen these companies looking at this as a perfect opportunity to go to market? if you are one of these high-yield companies with cash needs at the moment, perfect timing. winnie: yes, you're absolutely right. we have seen a wide range of issuers come to market which very much started in the investment trade market even before the fed announced it would be stepping in to support those higher-rated companies and then has spread into the high-yield market and loan market to an extent. i think what investors really need to keep in mind is the fed is going to be very focused on solvency heading into this crisis. the ultimate goal of these fed programs is to allow companies that have concerns and well-capitalized for the crisis started to be able to manage through a relatively sho