 use as benchmark, trairi is considered to be base and it is considered to be a risk-free, default rate is used because the US government is not sure that it is a risk-free, whereas in the case of other investments where there is a chance of default, so the rates of the US government are higher than the trairi, so the perception that is being built in the rates. a perceived risk increase so does the swap spread. the more the risk perception is, the higher the rate of the swap will be. in this way, the swap spreads can be used to assess the credit wordiness of the participant. when the US trairi is not there and there are local participants, that could be an institution or an individual, so according to their credit wordiness, according to the risk perception, the rate of the spread will be determined. basics of the spread, perhaps a contract that allows people to manage their risk in which two parties agree to exchange cash flow between fixed and floating rates. generally speaking, the party that receive fixed rate, close on swap increase the risk that rates will rise. now, the fixed rate that needs to be met, basically there is an element of risk there. at the same time, if rates fall, there is a risk that the original owner of the fixed rate flow will range on his promise. to pay the fixed rate, like if the rates drop a lot, then you have to get fixed from the other party. but sometimes it happens that you have to pay the fixed rate of the floating rate, so he says that he has defaulted or he has backed out from his promise. so this is the meaning of this talk, this is his credit wordiness and the impact is that if the party defaults, so the impact of that is coming in the spread. to compensate for these risks, the receiver of the fixed rate requires P on top of the fixed rate flows. so basically, that is the same swap spread that if the other party defaults, then where we go on, then we will come to our floating again. so the default risk of capturing that is being done in the swap rate spread. to generate the greater the risk of breaking that promise, if the other party is not very good or not renowned or has a history of defaults, then the swap spread will also increase. the better the party will be, if we talk about Pakistan, then if there are Nishad Mills, if there are Sapphire, then definitely the swap rate will be very low. but if there is a vulnerability company, that means its risk is high, then the swap rate will be high. so the spread of the swap will increase. swap spread correlates closely with the credit spreads as they reflect perceived risk. credit spread, you know the word is that if a bank or institute gives credit to a party, then its risk gauge is that how much is the risk. so according to that, they are being charged, so we call it credit risk. so the spread of the swap is also correlated with that only, because their perception of creditworthiness is linked, so this is also a type of the same element, and it is based on the default of a counterparty. swap spreads are usually large corporation to government to fund their operation. when institutes come, they come to build their earning levels, they come into display and they make good money out of it. typically private entities pay more or have positive swap spread as compared to US government. definitely when there is any transaction on the government level, then the level of risk perception will be very low. when private parties come, then the risk perception will increase, then the swap rate will also increase. we have already established this. swap spreads are essentially an indicator of desire to hedge risk. the cost of hedge and overall liquidity of the market. so this is our entire hedging desire, our appetite is linked to that, and again also with respect to the liquidity in the market. so how many players are there, how many transactions are there, that will be determining the swap project. the more people who want to swap out of their risk exposure, the more they must be willing to pay to induce the others to accept that risk. but this is a demand supply rule. if only 2-3 parties come to hedge their risk, then maybe no other player can ask for such a spread. but if a lot of demand comes that a lot of people are coming to capture their risk, then the institutes who take this risk, then they will be charging a higher premium for that. therefore larger swap spread means there is a higher general level of risk aversion. when the rates are too high, then what does that mean, that more people are going towards risk avers, towards safety, then they are going to pay a higher rate to get that coverage. so this is also a gauge systematic risk, that how these markets are moving, and how things are being run in the market. let's see an example of this. if a 10-year swap has a fixed rate of 4%, and a 10-year triary note with the same maturity, maturity is the same because otherwise there won't be any logic between them. as a fixed rate of 3%. so the swap rate is 4%, the triary rate is 3%. the swap spread is a 100 basis point, i.e. 1% spread which is a higher number, so it's an indicator that the market is at risk avers, if the market is a risk taker, if the market is so high that we don't need a lot of hedging, or if there is not a lot of participant, then the 1% spread can be reduced to 0.5 or 50 basis points. so this is a sentiment of the market which reflects in the swap spread. thank you.