 Well time for a look now at fixed income markets. Jonathan Sheridan joining us now live from fixed securities in Sydney. John of course we're talking all about the RBA meeting today. How bond markets pricing this in? Good morning Ingrid. Yeah look I think we've had the pricing in of an expected rate cut either today or in the next month or so for about the last three weeks. That was obviously a bit volatile last week as as the actual certainty around cuts receded and then came back in in some strength with the publishing of that article in the AFR last week but the market overall has been pretty flat overnight just I guess locally awaiting the decision. Yes now in terms of what might change if expectations are not met we've sort of examined the move higher likely in the dollar inevitably in terms of bond movements how susceptible to sort of a violent move are we eyeing you know realistically Jonathan this afternoon. Yeah look I think the market's pretty heavily priced in a cut at least in the next month or two and if there's no indication that that'll be forthcoming if it doesn't actually come today then we could see maybe a 10 or even 20 point 20 point left in yields that would be a violent movement. I'm not sure it'll be across the curve it might just be in the short end which is steep and considerably recently. What are we seeing in the local bond market the corporate bond market as well because we're seeing some more hybrids expected to price. That's right we are ANZ are looking to do another hybrid deal and the chatter in the market is it's about 850 million of an expected size of 750 which is pretty weak demand to be honest usually these things are over subscribed by two to three times and the pricing is at about 3.6 percent over the bank bill swap rate which is which is very tight for I think it's an eight year non-call period so that's pretty much where the latest CBA deal that issued last year is pricing but also rumors that NAB will come out in a week or two with a same price structure but for a five year deal instead of eight so the ANZ deal looking expensive for mine. And NAB meanwhile you know do we get a sense as to what use the issuance is going to go towards anything profound or just more of the same. Yeah look I think it's just more of the same I mean this is one of the issues with the ANZ issue and no pun intended is that it's not rolling over any previous bonds at all and it's just a new issue and they're just raising general funds as part of their overall capital management and that always is a bit of a dampener on demand so you know the CBA deal that happened last year was rolling over a previous Perl's five into Perl's seven and and that always helps the order size. In other words you know the whole bulk three shake up you you haven't detected it with banks specifically and their issuance that this has been motivated primarily by that and do they go are there pains to make that link or it's not it's not on the radar. I think it's key to the to the sort of softening demand I mean the institutions basically just don't buy these hybrids anymore it's almost an entirely a retail issue and that's partly because the institutions don't really know how it will play out if the new non-biability clauses come into play and the retail market just don't really seem to care you know they look at it and say oh it's A and Z at six percent that's great they're never going to go bust but of course it's not as simple as that and you know the fixed income should be playing a defensive role in your portfolio and we've seen the experience through the GFC that hybrids traded pretty much like equities and so it didn't really give you that defensive performance in your portfolio. So your advice to clients is what? Our advice to clients is that we've got no problem with you buying these things but just consider them as equity risk rather than fixed income risk and therefore you know we don't sell them anymore with anything with the non-biability clauses so we're fine with actually owning them but just consider them in the appropriate risk bucket. Need that and clear. Alright Jonathan thank you so much. Great. Appreciate it.