ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: Now, your latest survey of bond investors, they showed a big improvement in the outlook for a default. What's behind that?

SOM-LOK LEUNG, EXEC. DIR., INTL. ASSOCIATION OF CREDIT PORTFOLIO MANAGERS (ENGLISH) SAYING: Well, I think there's a general consensus that things are getting better. I think we see that in a couple of different places. Bank earnings essentially- for the last couple of days, the number of banks have announced very positive earnings. And a lot of them cited the improvement in credit loss reserves and credit provisions. Another thing that we saw just very recently was the World Bank's economic forecast, their view that the global economy is likely to continue forward; things look better overall. There's still definitely uncertainty and some bumps in the road to be expected- volatility. But overall, things look to be finally improving.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: Right, the number one from a negative number- actually, the positive number in terms of your index. But at the same time, Som-Lok, interest rates are rising, and that means possibly curtailment in refis. So isn't that a concern for investors?

SOM-LOK LEUNG, EXEC. DIR., INTL. ASSOCIATION OF CREDIT PORTFOLIO MANAGERS (ENGLISH) SAYING: Yeah, that is a countervailing effect but I think one of the reasons the Fed has decided to pull back its quantitative easing through the taper process is because they believe that the strength in economic growth will counteract that. So absolutely, if interest rates go up, borrowing cost will increase. And often, the weakest companies will find stress from that. But if the economy is improving enough that will hopefully counteract that.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: But in terms of the outlook for a commercial real estate, they're better off than consumer mortgages. And that leads you to think, is that a concern given the huge run-ups that we've seen in home prices and also demand for homes at this current state- the way that that default risk is valued?

SOM-LOK LEUNG, EXEC. DIR., INTL. ASSOCIATION OF CREDIT PORTFOLIO MANAGERS (ENGLISH) SAYING: Well, real estate is tough to call always. It's a long cycle asset. You make your decisions and then it's only a couple of years later before you have the building and you start collecting rents or you start to- you sell the house or whatnot. So it is- there's certainly still uncertainty in that. There are still a lot of adjustments still being made post 2008 crisis. But I think the general consensus is much more positive.