 discussion and move into the bond markets. We've got Jonathan Sheridan from Fixed Securities joining us live now. Jonathan, great, happy company on the program today. Let's talk what issuance is looking like right now. Global bond markets in particular ahead of, of course, Jackson Hole tomorrow. Good afternoon, Ingrid. That's right. Look, everyone's basically waiting for what Janet Yellen is going to say at Jackson Hole. I think that the title of the conference is basically just about future interest rate policy and everyone's really interested in what's happening now. I mean, there's just no pricing at all in the market for any kind of decent rate hikes out of the States and the Fed seems to actually really have sort of lost control of, of the markets and it's almost the Bank of England that's driving things at the moment post Brexit. But there's a massive bid as you talk about, particularly in the Great British Pound. Talk us through this. That's right. It's just really hard to find bonds anywhere. I mean, if you're a seller now, you've got almost perfect liquidity, which is, you know, one of the criticisms that's thrown at the bond market often. But that's not the case right now. It's actually really hard for us to find bonds. And, you know, the Bank of England a week or so ago bought 10% of their corporate bond market in one day, which is just unheard of. So, you know, if you're, if you're, if you're a seller, like I said, you can sell your bonds anywhere and almost for any price, particularly in pound sterling. All right, local bond market. I guess no surprise, season profits being taken in the likes of Fortescue and Newcrest. Just talk us through what sort of trend you're seeing there, what that reflects. Yeah, that's right. Look, I mean, obviously we've had a huge commodities rally since the start of the year. And that's been reflected in some really strong performance in the mining company bonds. Newcrest is an investment grade issuer. So less of a credit driven story there. Although, you know, those bonds of the 21 and 22 maturities have improved about 8% or 9% since the start of the year. Their 2041 has has gone up about 20% since the start of the year. Fortescue, if you bought the unsecured 2022 bond, it was trading about 52 cents in the dollar in January, currently trading above 100. So, you know, you've almost doubled your money in those lines. And Fortescue is being talked about as an investment grade issuer in early 2018. So we're seeing clients have made, you know, 100% returns in seven months on some of those bonds. Crazy. All right, Jonathan Sheridan, we'll leave it there. Thank you very much. Thank you. Jonathan Sheridan, big securities.