Good morning and welcome to the Visteon Fourth Quarter Full Year 2011 Earnings Call. All lines have been placed on a listen-only mode to prevent background noise. As a reminder, this conference call is being recorded.
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.