 The basket but we are going to turn to the bond market now Jonathan Sheridan from Fig Securities joining us live for an update and I want to kick it off with local bonds because you're continuing to trade the Virgin 2019 heavily talk us through why this one's in focus for you. Good afternoon Ingrid that's right yes I mean it's a US dollar denominated bond but from Virgin Australia with a 2019 maturity as you said. The positive news flow just following on from their announcement that the Chinese consortium HNA will take an equity stake of building up to 20% has really driven the bonds higher because of the capital injection is lower in the structure than the bonds so provide support to them so they've risen about three to three and a half percent in the last week or so and we've seen some heavy trading from clients taking profits and institutions buying at that high level. We've been focused on iron ore plays here at home today because of the China data which of course set the iron ore plays at least pairing back some of their earlier losses. Vale's been in focus for you though and it's announced its first bond announcement in three years what's behind this. Yeah that's right you know obviously with the Petrobrar corruption scandal Brazil and the politicians and the sort of cosy relationship that they have with their major corporations has been a source of negative news flow over the last 12 to 18 months but positive news obviously for Vale and that they can now re-access the global bond markets and have done so with a five-year issue in the low sixes so you know that's getting into proper high yield territory in the US market. Let's end on the big one ANZ of course out overnight dominating in the US talk us through it. Yeah look a very interesting move from ANZ I think they have obviously looked at the retail hybrid market here and thought that it's perhaps a bit saturated and they don't want to drive those margins wider than they already are up around the high fours to five percent so they've gone to the over-the-counter market in the States with an astonishing result they're pricing one billion US dollars worth at six point seven five percent fixed for an initial 10-year non-call period but the astonishing thing is that they had order books of over 16 billion US dollars so just vast demand for any kind of high yielding well well rated corporate paper. Yeah which I guess as you say high yielding you know well rated it's unsurprising that it had such strong demand Jonathan Sheridan we'll leave it there with you but appreciate those insights thank you. Thanks Ingrid. What do you think guys of that ANZ?