 Let's bring in Simon Michele from Fixed Security for more on how it's impacting bond markets. Let's kick it off with global bonds because the yields seem to be a little stronger. There's been some positive data obviously out of the US and then oil prices also playing into it. Yeah absolutely good afternoon Ingrid and you're absolutely right. I mean those commodities that our oil rallies have been certainly playing into some higher rates as people assess the impact that those high prices might have on inflation. So we're seeing US yields up around about 10 basis points obviously off very very low base but moving in the opposite direction we've had of late that's for sure. Interesting though to see the Aussie yields no longer the Aussie market rather no longer pricing in a rate cut going forward and this is before we get inflation next week. That's right so the Aussie two-year Commonwealth government bond rate has been down as well as about 1.75 percent that was indicating that the market expected the cash rate to be cut further by possibly another 25 basis points. That's back up about 2.02 percent now so we're certainly seeing no you know in that short duration rates remaining above the 2 percent level which is the current official cash rate. How fragile are those yields? I mean next week if we see inflation, mis-expectations come in a bit weaker than expected could we see a big move? Look I think so yes because I think the the problem the RBA has is that you still have the ECB, the Bank of Japan, Bank of China all continuing to support markets pushing rates down throwing money at bond buying you've got the US delaying any potential upward move and so this is really putting in the question of the RBA they've held firm at 2 percent right throughout that period so you know if we don't see a lot of movement we do get further deterioration they will be forced to follow those other markets down. All right let's talk the corporate bond space as well because Rio Tinto coming out today saying we'll buy back one and a half billion dollars of debt and that's maturing in in 2017-18 what's behind that move? That's right so following on the heels of Fortescue which has done the same thing they're using cash that they have available to pay their short-term debt issuance programs so we saw Fortescue buying back its 2019 US dollar issue we now have Rio Tinto out they'll be doing a any or all offer on their 2017 which currently has around about 1.75 billion outstanding and a Dutch auction offer on the 2018 which is about three billion dollars US outstanding so obviously paying those shorter issues will in effect extend the average maturity profile. But then we've also seen Sydney Airport issue 900 million last night. Yeah look Ernest we're a relike here at FIG Sydney Airport they managed to issue 900 million US overnight interestingly the indications on margin were around the 200 level the strong demand they had got it away a lot cheaper they only paid 175 over Treasury really positive senior secured 10-year issue so positive outcome there for Sydney Airport. All right Simon Michelle appreciate that bond snapshot thank you thanks and good. So I'm Michelle there from FIG securities and speaking