Ladies and gentlemen, I am pleased to welcome you to the presentation of the 2011 Annual Results and to introduce you to the new CEO, Bernard Fontana. For his CV, please see Page 176 of our Annual Report. As already announced, Bernard Fontana to cover
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.