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Huge, huge credit losses rippling through this market over the last couple of weeks.

Pleased to say the Wang Gin now, Steve Widing, City Private Bank, Global Chief Investment Strategy,

Steve, always great to catch up with you.

Your focus on credit right now, how much stress are you seeing?

And it's still too, too, far too premature to think about stepping in.

Well look I think that there's some interesting dichotomies taking place that's

functioning in the market seems to be quite bad and we can think about what some of those reasons are

in terms of secondary market trading for

on fixed income generally not just US credit.

But we're also seeing primary issues, for example, we've seen a good number of corporate bond issues,

investment grade companies come to market, end investors were there to buy those bonds at

relatively reasonable spreads. Some of the stronger issues at lower absolute

...