 Good to see you there. Obviously this has been the big story, the bond overlay for the equity market at the moment but we did see fixed income taking a little breather overnight. That's right Leanne, absolutely. We've actually had refreshingly normal market performance since the election really with risk on type environment and equities performing and bonds selling off, which has been a counterpoint to the last few years with huge central bank intervention. So we actually saw the end of that sell-off overnight with the US 10-year yields actually lowering by about two or three points. Not a great move but in the face of strong US retail sales data you might have expected the yields to go higher but actually they rallied in slightly. Are you expecting still more volatility there? I mean should we be, we talk of the steepening yield curve obviously, are we expecting further steepening to come? Look I think if you want to use these kind of words there's definitely a steepening bias. I think as we see more appointments in the Trump team that you know you'll get a clearer picture of how they tend to push through some of the things that they talked about in the campaign but definitely the markets had a perception that there'll be you know more inflation generated in the near term and that's what's pushed yields up but I think that that probably was a little bit overdone. You know we've still got the fundamentals in place that we had pre-election so you know things like worsening demographics and a struggle for growth globally so that should really keep a lid on yields. Okay talk us through what you've been watching and at Westpac issuing one and a half billion dollars of 15-year non-call subordinated bonds. This is one that you've been trading. Yeah that's right so overnight Westpac issued as you said one and a half billion of the 15-year non-call 10 subordinated bonds in the US so we've seen some Australian companies come down the capital structure recently with US dollar issues with ANZ's hybrid 10-year hybrid the notable first mover there Westpac doing a subordinated issue so higher in the capital structure than a hybrid but interestingly they had over four billion of demand for the one and a half billion issue size so they managed to price that nearly 30 basis points inside their initial price estimations which is a really really big result for them and a significant reduction in interest costs on that bond. Now what about I mean in terms of local bonds that the rally in iron ore seeming to take a breather overnight potentially coming to an end I guess depends on your your view around that are you seeing some selling a lot of activity happening in those mining you know the mining bonds? Yeah absolutely you know in particular we've been looking at Fortescue we've been a big supporter of that credit over the last few years and they've obviously performed very well and the equity price is testament to that so we've actually been taking profits on their 2022 secured bond which is trading around the $114 level from you know lows back in January around sort of mid-70s we typically put clients into it when their 2019 bonds were called early back in June and we've seen clients take profits on those in the order of about $10 and moving into a 2021 bond from the parent company of Genworth Mortgage which we know from our market here as I said 2021 US dollar denominated bond yielding about 8.8 percent. All right fantastic Jonathan we'll leave it there but really appreciate you joining us thank you. Great thanks Leigh-Anne. Jonathan Chair