abigail hopper, director of ocean bureau energy management. you have the global bond routes sending the 10 year yield to a 2015 high on friday. all of this comes as the u.s. gets ready to auction billions of dollars in coupon bearing debts. joining us now is the global head of fixed income strategy at j.p. morgan private bank. to aboutuy to talk this global route we are seeing in the bond market. what is the catalyst and where does it go? >> i think the deal that was just spoken about in terms of noble and rosetta points to another part of the bond market that is doing really great. that is the u.s. high-yield market. the high-yield market has held up very well in spite of the backup in treasury and is actually up 4% for the year. there are some parts that are doing worse and some doing better. is the risk-free assets, the sovereigns, the u.s. treasuries, that are doing worse because the rates have gone up. the credit markets in terms of high-yield are actually doing fine for investors. alix: what is the risk of greece , say you have central b

abigail hopper is the director of ocean energy management and she joins us now on the phone. ail, the other huge news today was, horse, shall getting the green light to potentially start drilling in the arctic. does that clear the way for other oil companies do the same? abigail: it certainly is an important step forward for shell . it would be part of their that shell approval still requires to get permits from several other agencies, but it is a good first step for them for this drilling season. 20% of the worlds oil could be under the arctic. all anyonethink that in this industry worries about in the games that they play in as arctic think of it important and lucrative, but my expectation is that companies will wait and see how it prevails. alix: shell has been preparing for this, but how much does it cost to drill in the arctic and how quickly could well come out? abigail: i would obviously be better source for how much it would cost, it's clearly quite expensive and there are for having aeless rig right there, so they are going to have two of those rigs over the summer if