avalarahhh ahhh sonali: this is limburg real yields and it is time for the auction block.n europe they topped a new record -- u.s. high grain notable names included alcoa and gm financial. in high guilds companies like herbalife got attention. it boosted the size of the offering by 60%. chris shelton says this year marks the golden age for credit allocation and wrote in a note that the economy is slowing, defaults will rise but not skyrocket and dispersion will increase creating opportunities for credit selection. macon, when you take a look at what he saying with defaults rising and dispersion increasing where do you start to parse your bus? are there places you take your foot off the paddle given this idea that more things will start to break? >> i think credit spreads have tightened a lot this year. we have priced in a lot of the good news but we still have a view of a credit softening. we think we are seeing the signs of fundamental improvement that typically hint that credit is in a healing stage. we are seeing some increase in dispersion. one interesting stat we focu