This slide gives us a gauge of the health of the U.S. high yield market from a fundamental perspective. The chart on the left shows the amount of high yield debt due to mature over the next few years or where the 'maturity wall' is. This is a useful indicator on whether the high yield market could potentially see a surge in refinancing needs. The chart on the right looks at two metrics which indicate the debt servicing ability of companies issuing high yield debt. The higher the interest rate coverage ratio, the more able a company is at servicing their debt payments. The net leverage ratio looks at the ratio between liabilities and assets. The smaller the ratio, the higher the amount of assets relative to liabilities, which means companies have greater capacity to honor their debt payments.