Here I talk about what a busy summer we have had in the C$ HY market. We have seen 5 new issue deals come this summer with total size of $1.25bln. I think there is one more over the next two weeeks or so. We have seen $3bln YTD issued and I think we can finish the year at $5bln...similar to last year. This market is growing and it is due to end-buyer awareness that risk-adjusted returns are superior in this asset class compared to any other.