My guest in this flash podcast is Bryan Krug of Artisan partners. We discuss what has happened so far in the corporate high yield and investment-grade credit markets, and the loan market. We compare today’s environment to the financial crisis and other past crises with lots of nuances that I hope will be helpful to bond and equity investors. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:08 – (First question) – An overview of what he covers in the corporate credit markets 1:52 – How things have changed in the last couple of weeks 3:56 – Composition of the high yield market 7:07 – Major sectors of the high yield market outside of energy 8:39 – How do they price the risk in securities right now 11:21 – How do they handicap a great unknown 13:00 – Risk for broader contagion in the overall credit markets 14:49 – What’s the downside potential here 16:31 – Potential for upside 18:33 – How does he view companies that are drawing down on their entire line of credit 19:44 – An overview of the loan market 20:42 – What warning signs equity investors should be watching for in the bond markets 21:57 – What do credit spreads look like today compared to before this crisis Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on Twitter at @patrick_oshag