 Let's bring in Simon Michelle now from Fig Securities, check in on how the bond markets are tracking and we are seeing yields a little lower Simon certainly after the Fed held off on that September hike but it all becomes I guess listening to Janet Yellen this week with a couple of speeches from her and looking towards December. Absolutely Ingrid, good afternoon and we've definitely seen a bit of a drop right across the curve in Australia, our 10 years back below that 2% level. Interesting really because before we get the December meeting we also get the election and we get the first debate obviously Monday night US time so it's really going to be interesting as those polls tighten we are starting to see a little bit of volatility emerge and we could actually see markets go a little quiet and that could be a key focus before we get to that December meeting I think. Simon it's Tony Davison from Henderson Maxillum just interested we've had a big mean reversion rally in the bonds particularly longer data bonds do you think that the backup that we were seeing two weeks ago is that now completely done as the market reversed its view or do you think we're likely to see that come back again? Well it's really interesting isn't it I mean what we do know is that we are seeing less demand for those longer data bonds but yet we are seeing people take advantage of that kick up in yields and pushing those yields back down you know not dissimilar to what we saw you know 12 months ago as we you know had the same situation approached a possible September move to December so I think while we're still seeing people happy to step up and take demand at the long end of the curve and we are seeing that sort of drift within a fairly tight band we are seeing especially from offshore investors both in the US and in Australia starting to pull back on their holdings of US Treasuries and Sovereign Debt and so it's really going to be interesting you know if that demand keeps decreasing then that's certainly going to have an impact on those yields in the long end. Simon could I just ask on that what do you make of it you know the fact that the demand is reducing particularly in those longer dated issues what should we read into that? Well it's interesting in Australia here what we've noticed is as the government deficit increased and the volume of bonds that the government's had to issue offshore investors have actually pulled back you know so we've gone from about 74% holding to around about 58% holding at the moment so you know they could be aware of that aware of that increasing amount we know the Aussie government's got to issue more over the 2017 year as well so you know it could be a case of them just pulling back as the volume of issuance increases substantially over in the US well you've definitely had you know through Saudi Arabia they've been pulling back China we know been pulling back a lot of those countries that hold US Treasuries have been decreasing theirs and that's generally been because they've needed to utilise those funds elsewhere more so than a pullback in demand for all holding those sovereigns really. Just quickly Mike touch on a domestic bond issuance I know you're watching Virgin Australia looking to issue some potential US dollars what are you making of that? Yeah so Virgin Australia they're a high yield issuer they've got an existing 2019 bond issue about 400 million US dollars that was issued at 8.5 currently trading around six and a half so look I think don't think they'll have a problem with the US dollar issue out there and on the back of that domestically here we've got AAI they're fully owned by Suncorp Group they've been a fairly regular issue they're looking to do a tier two issue and I think that'll see very strong demand. Alright so I'm Michelle always appreciate your time thank you. Thank you. The bond market check.