This slide gives us a gauge of the health of the U.S. high yield based on two fundamentals. The right chart looks at the latest recovery rates compared to their long-term average, a higher recovery rate implying investors will not lose as much if the issuer defaults. The left chart looks at net leverage and interest coverage ratios. Net leverage is a measure of borrowing, a higher ratio implies more borrowing and that repayments in the future could be an issue. The interest coverage ratio looks at how well companies are able to meet their interest payments. The lower the ratio, the more difficult it will be to meet repayments and the greater the chance of bankruptcy.