 the world at the moment. Jonathan Sheridan for Fixed Security is joining us now for more and Jonathan in terms of the global bond market at the moment, how's it faring? What's it sort of pricing in when it comes to rate hikes in the US, rate cuts here? What are you watching? Good afternoon Ingrid. Yeah look it's pretty quiet actually I have to say and has been for the last few days. We're seeing a bit more issuance come out of that quiet period which is encouraging so you know when you've got a few stable days you see companies more willing to take the pricing on offer so we're seeing CBA for example just launched a 10-year US dollar bond today for pricing probably around the 3% mark which to give you a comparison Sydney airport that was just mentioned did a 10-year US dollar bond a few weeks ago that priced it about 3.65 so personally would rather have the Sydney airport on the relative value there. You've also seen some moves in a lot of trading in Newcrest's 2014 US dollar line which what are you seeing there because there's some switching going on? Yeah that's right so Newcrest as you will have seen from the share price had a great run recently with some really good operational results so they've got a really long dated bond in US dollars 2041 maturity it's been a bit of a rocky ride for investors it was yielding as much as 8% not two months ago so it's back to about six and a half percent now so given the way the equities run up as I said we think probably that that's about as good as it's going to get in in the terms for that bond in recent trading so we're seeing clients switching out of that and taking a bit more credit risk in the Fortescue 2022 senior secured line so shortening the duration but increasing the credit risk. All right Jonathan Sherrod and appreciate that update thank you. Thank you.