 Big security. Simon, good afternoon and thank you for joining us. Now just hearing from the ECB, they've left rates unchanged but they're scaling back their asset purchases. Did this come as any surprise? Good afternoon Leanne, not really. We did see the initial volume of bond buying in Europe around that 60 billion euros a month. They did kick it up around about a year ago to do that 80 so they've brought it back down and so you know I don't think that was too much of a surprise. I think obviously that's still a significant amount of quantitative easing in Europe and still a significant amount of support for the global economy. Now it's all about the Federal Reserve next week. Everyone watching and waiting in anticipation and preparing you could say for this imminent rate rise. How are we seeing bond yields tracking? Well this is an interesting thing. I mean we've had over the last year seen a lot of commentary coming out from the US Fed and we just haven't seen that match by the market. We just haven't seen interest rates moving to prepare for these increases and that's led the market to believe that we wouldn't get the succession of increases even though the Fed was preparing it. For this time we're certainly seeing the market move in preparation for that and we've reached beyond 2016 levels, yields in our reaching levels we haven't seen since 2014 around the 10 year 2015. We saw initial movement in the short end of the US curve earlier this week. We're now seeing that reflected in the long end as well. So we're really seeing quite a broad readjustment of the yield curve reflecting the 100% chance we now have priced into that move by the Fed next week. And Simon if in fact they do get going do you think we can expect to see those yields continuing their move higher? Well seeing that reflected in the long end of the yield curve, seeing the 10 year move up, seeing the 30 year move up, certainly suggest that the market is starting to buy into the dot points or the succession of rate rises that the US Fed has suggested which is around three for this year. So I think you are starting to see that adjusted. That's quite different to last year where you had that initial move in December and then the market just wasn't prepared and certainly wasn't pricing in any further rate increases and therefore we didn't get another one until 12 months later. What about Aussie yields are we seeing them following US yields higher? This is really interesting absolutely. So we've actually got, especially in the longer end, the Aussie yields following us up. The Aussie 10 year is around 2.97. Now it hasn't been 3% since around July 2015 so almost two years. So that's certainly broken through that those highs we saw through 2016. So you know our yields moving up on the back of those US yields as well. Fantastic. And what about, as always, we speak to you about interesting Aussie issuance and so forth. Tell us what's happening today. Interesting. So a lot of focus on the Aussie housing market and we've seen Torrens which is the residential mortgage backed securities issuer for Adelaide, Bendigo Adelaide Bank, issue some RMBS stock. This is an ability for banks to move their mortgage books off balance sheet. So that's very, very positive. And we've seen one bank, a Korean bank, do issuance as well. So still a significant amount of opportunity for investors out there. All right. Excellent. As always, it's been great talking to you, Simon. Thanks very much for the update. Thank you very much, Leanne. Goodbye. Simon, Michelle joining us. They're live from FIG Securities.