Susan L. Morgan Capital Group US Corporate Bond Portfolio Manager | Page 2

of the credit cycle . Meanwhile , bond issuance has continued to be high . At the same time , merger and acquisition ( M & A ) activity – while slower than the
record levels reached in 2015 – remained very high in 2016 . Low interest rates have increased the appeal of using debt to finance M & As , and as such the supply of
debt also remains high .