Good morning. My name is Christie, and I will be your conference operator today. At this time I would like to welcome everyone to the Kohl's Quarter Fourth and Fiscal 2011 Earnings Call. All lines have been placed on mute to prevent any background noise.
With yield spreads back to pre-crisis levels, there is less room for error in the high-yield market today, says Morningstar director of fixed-income research Eric Jacobson.
Morningstar associate director of fund analysis Miriam Sjoblom explains what drove municipal bonds' great performance in 2011 and what issues may lie ahead for muni investors.
While duration exposure remains troublesome, large-scale bank deleveraging in the last year has credit markets looking ripe for investment, says Driehaus' K.C. Nelson.