jonathan: jim keenan, anything to worry about?uite clearly, there are companies out there that will leverage in the balance sheet. we see that reflected in investment grade. is there a worry for you? jim: yeah, i agree with krishna with regards to the widening of ig versus high yield. take a step back, i don't think you are seeing, from the leverage you are seeing in the corporate space, something that people should be worried about from an economic perspective. certainly it is creating more risk at the lower risk quality of the investment grade space as they start to put more leverage on their balance sheet, and you see a big boom in bbb leverage because of where that yields and spreads are an m&a activities. that is more idiosyncratic. they will create some technicals, you are seeing that in investment grade. if there are downgrades, that would filter into the high-yield market. but from an economic perspective, the economy is still strong, earnings are strong, and that is why you are seeing support at the high-yield level. jona

jonathan: jim keenan, anything to worry about? clearly, there are companies out there that will leverage in the balance sheet. is there a worry for you? i agree with krishna with high yield but take a step back, i don't think you are seeing, from the leverage you are seeing in the corporate space, something that you should be worried about from a economic perspective. certainly creating more risk at the lower risk quality of the investment grade space as they sought to put more leverage on their balance sheet and you see a big boom in bbb leverage. that is more idiosyncratic. they will create some technicals, you are seeing that in investment grade. if there are downgrades, that would filter into the market. earnings are still strong and that is why you are seeing support at the high-yield level. jonathan: and we have consensus here? oksana: i'm always here to create dissonance. i would agree certainly that we n widening. investment grade is down almost 4% this year. that is really being affected by three major factors. seen these