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00:00You're moving, you're happy to move down in credit quality, Maureen. You're staying at the high end, right? Is there anywhere around the high grade that you're a little concerned about? Are you seeing any pockets of fragility? Yeah. So? So my coverage universe is the investment grade space. And as Amanda rightly points out, the demand dynamics are robust across the rating spectrum and across the curve as well. Some of that has to do with some of the supply technicals. We've had a very late issue in summer which has helped bring spreads back down to what are now cycle types. I would say, you know, when you get to this very rare, very tight valuation level like we're in right now, idiosyncratic risk does start to pick up. So under the surface, if you look at some of the more cyclical sectors, they have not necessarily participated in this huge recovery that we saw from the widening pressure back around Liberation Day in Q2. And there are some more tariff exposed sectors, for example, that perhaps, you know, come under a little bit more pressure in this environment. So I said another way. I think avoiding some of the losers is as important as picking some of the winners in this environment. But as a whole, we're still pretty sanguine on the outlook for spreads here. Technicals are exceptionally firm and fundamentals, as you rightly point out. You know, we're kind of at the peak of the credit cycle here. So I think there's a lot of reasons to be positive about the path of spreads.

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Demand Dynamics are Robust: O'Connor

Maureen O'Connor, Global Head of High-Grade Debt Syndicate at Wells Fargo Maureen O'Connor discusses the current demand dynamics in credit and where there might be pockets of fragility with Bloomberg's Vonnie Quinn on "Real Yield." (Source: Bloomberg)

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