 Well joining us for more on that John Sheridan joins us from big securities and Jonathan a very warm welcome to you this morning I guess some the Greek deal and news that it really was overshadowed by that surprised Evaluation of the Yuan by China yesterday and really that's had a huge effect and ramifications on global markets around the world Good morning, Leanne. Yeah, that's exactly right You know Greece has been the major news story for the last little while and The news that they had actually reached a deal with their creditors and the IMF effectively Rolling over on their requirement for debt forgiveness was I thought you know would have been the major news story of the day But of course we had the devaluation of the Yuan which sent ripples throughout risk markets overnight You know we saw the Dow Jones for example off Nearly one and a half percent and bonds took a big rally on the back of that and the US 10-year Treasury Came in nearly 10 points in the yield So it certainly saw those risk assets, you know being sold off and those bonds rallying How how can we expect those to sort of perform today given the data we have out? I mean nothing major due to be released, but what are you expecting for the day ahead? Yeah, look, I think we we might see a little pullback. We might see some Profit-taking, you know, they're the most liquid bond markets in the world We might see All of that trade really was in in the futures in our market locally So it'll be interesting to see what happens in in the actual physical cash bonds But I suspect we'll see a bit of a bit of a pullback and yields just to touch higher as the market digest What that really means for Australia Jonathan I wanted to get your thoughts. I mean at the moment, you know, we've seen the bond market I guess some you know low participation I guess low volume sort of has been a bit of a general theme across those bond markets locally though What what are you actually seeing investors doing at the moment? Yeah, so I think it's a consolidation period for investors to be honest we've been big fans of inflation link bonds over the last two years and At least two years and I think we are seeing investors take advantage of the fact that with current levels of inflation quite low Those bonds relatively are cheap because you know the future expectations for inflation are relatively low However, history has told us that that's not necessarily going to carry on forever So we've been seeing a lot of interest from clients in inflation link bonds We also have a lot of interest in foreign currency bonds obviously given the reduction in the Aussie dollar against US dollar in particular and we continue to think that There could be some further downside for the Aussie there particularly against US dollar a bit more and some sterling So that's really where we're focusing on Institutional clients seem to be taking a bit more risk. I'm looking at sub-depth for example rather than senior So I think there's a bit of a risk-on tone generally Given the the view that you saw with the Bendigo and Adelaide issue yesterday coming out fully floating I think we're seeing that clients are thinking we're perhaps near the bottom or at the bottom of the interest rate cycle And Bendigo and Adelaide Banker knows one that you've been monitoring lately We saw them doing a six hundred million dollar five-year floating bond I guess showing really that investors or that demand by investors for those floating rate bonds is certainly there Yeah, absolutely and and that's where you're seeing the institutional interest coming into floating rate notes We're also seeing private client interest in high-yield floating rate notes Obviously with high-yield you need to be very aware of your diversification So there are there are six or eight names that are available now in the Australian dollar high-yield market So we're seeing clients take diversified portfolios of those as well I just wanted to ask you locally as well. We did mention it earlier You know, it will be fairly quiet on the the local agenda We have consumer confidence monthly consumer confidence out today, but we also have RBA deputy governor Philip Lowe speaking today So what will you be looking out for there? Yeah, you know the title of his speech is very interesting He'll be talking on land values and monetary policy And I think that's a very hot topic at the moment given what the RBA and the regulators have been doing And looking for in relation to the housing market particularly in Sydney and Melbourne So a very timely speech and it'll be very interesting to see, you know When people try and dissect the words that he's using and try and link that to future RBA policy Fantastic Jonathan really appreciate your time. Thanks for joining us. Great. Thanks, Leigh-Anne Jonathan Sheridan joining us there from Fig Secure