 James Shillington from Fixed Securities. James, welcome to the program. Initial reaction in the fixed income space to this news of more stimulus coming from the Chinese central bank? Well, it's just the Chinese central bank joining the global agenda of adding more liquidity to the system and really looking at it broadly. Anything that's positive for China in looking to stimulate demand over there is a positive for Australia. So we're expecting to see a pretty strong bid for bonds today. Again, it's going to be a risk-on-tone, just as more money floods into the system and the global scramble for a year will just continue. So equity is in favour and that's the continuing theme. I'm curious to get your thoughts on the fact that some European sovereign debts are actually paying a negative yield. So that means that you're actually paying the government to hold your money. How does that work? Well, it's extraordinary. So if you're looking at a one-year Swiss government bond, for example, if you were to place $1 in that bond today, a year from now you'd be returning. For example, $0.99. So it's got an extraordinary situation for investors that they find themselves positioned against. But what that means is that people just continue to add risk in this environment. So investors want to pick up that extra 1% to 2% really just to avoid those negative returns. And what do you make of the news that's coming out of the ECB in regards to Greek this morning? Oh, again, it's just going to add to the volatility that we've seen in the bond market this week. It's been a very difficult week for bond traders locally and across the US and Europe. I mean, overnight we saw US 10 years trade in the 10 basis point range. Looking at the local market, we've seen this showing government bond 10 years. That's traded in about 24 basis point range over the week. So trying to position your book against some of this volatility is quite challenging. So are you seeking any shelter or finding any opportunities then in the corporate bond space here in Australia? Well, the bid for fixed income continues. I mean, it's a stable asset class. I mean, as our clients continue to switch out of those equities that they've had a fantastic run in and buy some high yielding bonds, which will insulate them somewhat against some of the global volatility. I mean, we're trading names such as Fortescue Metals Group, Virgin Australia, which of course is benefiting from the low oil price. Some of those yields are 7% to 10%. So there's some pretty attractive opportunities there. Yeah, and quite a lot of new bond issuance in Australia as well so far this month from what I understand. It's been a fantastic week for primary markets. We saw ANZ finalise their $750 million hybrid transaction. We also saw a rubber bank come to Australia and issue a kangaroo bond. They did a billion dollars across a dual-trunch five-year piece. And we also have seen James Hardy return to the bond market. They're issuing some eight-year notes in US dollars. They're going to trade around six percent. Okay, James, thanks for checking in. Appreciate it. Thank you very much. James Shillington, they are joining us from Fixed Securities.