i am pleased to say, with me is jim keenan, oksana aronov, and krishna memani. ishna, i want to begin with you and bring up the subject of what's happening in credit at the moment. investment grades wider. big m&a story in there. high yield has stayed tight. what is your thought on what is happening at the moment? krishna: investment grade is quite wide relative to the beginning of the year, almost 35 basis points. that is very significant. the reason i think is one, issuance has been far more robust than in the investment grade market. and the core buyers of investment grade credit, which is overseas investors, have been missing in action. that combination has put us in a bit of a pickle. high yield, on the other hand, the technical side, is in much better shape. fundamentals are really good, altogether holding nicely. jonathan: jim keenan, anything to worry about? quite 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

still with me is jim keenan, oksana aronov, and krishna memani. gin with youto with what we are seeing in rates. the story with the ecb and the fed, they are worlds apart in terms of their gardens or interest rates. how do you expect that story to evolve? oksana: it seems like they are couple years apart. the ecb's were the fed was a couple years ago in terms of guiding toward the end of its bond purchasing program. it looks like the end of the program is on track to the end of the year, over a trillion dollars in negative yielding debt. it is unclear where the demand for those bonds will come from. we got a taste of that here in the u.s. and the fed is not even net negative liquidity mode yet. there is too much focus over how many more hikes the fed will do this year, what will happen with the flatness of the yield curve. the most important thing happening in the bond market, rates, is the reduction of the fed's balance sheet. certainly, the supply-demand imbalance of that is creating, along with other demand provider stepping away, such as sovere