This slide gives us a gauge of the health of the U.S. high yield market from various fundamentals. The bottom chart looks at the latest recovery rates compared to their long term average, with a higher recovery rate implying investors will not lose as much if the issuer defaults. The top chart looks at the amount of fallen angels and rising stars. Fallen angels are bonds which were once considered investment grade by rating, but then downgraded to a junk rating, most likely due to the problems with the issuer. Rising stars are the opposite, they are bonds which were once rated a lower grade, but since the issuer has seen an improvement in credit quality, their rating has been increasing. After record fallen angels in 2020, we now see more rising stars which indicate overall corporate fundmentals are not under pressure.