Welcome to our exchanges of Goldman Sachs markets update for Friday, September 11th.

Each week we check in with leaders across the firm to get a quick take on what they're watching in markets.

I'm Jake Stewart, global head of corporate communications here at the firm.

And joining us today, we have Dominic Ashcroft and Luke Gillen from our Investment Banking

Division in London.

Dominic is co-head of the Mia Leverage Capital Markets,

which covers the sub-investment grade loan and bond products,

and Luke is co-head of the Mia Leverage Capital Markets and co-chair of the Credit Markets Capital Committee.

Welcome to the program, Dom, and Luke.

Thanks having us, Jake.

So your team's hosted the Amia Lev Fan conference remotely, of course, earlier this week for clients.

Coming out of that, how would you describe sentiment right now towards European non-investment

grade credit markets and what's driving investors at the moment.

Yeah, happy to start off.

So we had about 1,500 clients attend a virtual conference on Tuesday and I think it was a great way

to cancer through some of the main topics that we think are relevant to both the broader markets but also

specifically the sub-investment grade space today. I think there's overall sentiment is probably best described as

cautiously optimistic which I think is underpinned by you a couple of factors that I was going to go through. I

think firstly obviously the huge mobilization of liquidity within the central banking system which from the

beginning of the crisis has helped protect us against probably a more systemic

loss of confidence from the markets and although the sub-investor great market has

probably only seen a small amount of this liquidity that has been predominantly directed to sort of fallen angels,

...