Good day, and welcome to the Hospitality Properties Trust Fourth Quarter and Year End 2011 Financial Results Conference Call. This 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.
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.