This slide gives us a gauge of the health of the U.S. high yield market from various fundamentals. The left 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 right chart looks at some leverage measures to get an idea if the high yield market is facing financial pressure. The net leverage ratio looks at how much is being borrowed, a higher ratio possibly implying that more borrowing is happening and 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. From the latest data, we can see that both leverage is low and interest coverage is high, which should mean that the high yield market is not under financial pressure.