namely, and then comes up, a ,oncession in the marketplace it prices, it does not trade immediately stronger we are digesting it and from the day after issuance until now, it is doing reasonably well. been a lot ofas supply to absorb, a huge amount of supply to absorb, and you have the expectation of higher rates down the road. a year ago, i'm not sure everyone believed rates would move up and be higher six months or 12 months from now. now if you are a buyer, you have to give some concession to discount the potential gain. jonathan: it's not dramatic but something you should take some time to look out and pay attention to. do you see some soft spots in investment grade? bob: i don't come i think the market got addicted to massive flows into the market. ,ne was asian cash coming in when hedge fact even in particular was attractive to the local market. that has dried up as the yield curve has flattened. and a lot of the offshore cash caps on corporate balance sheets. with tax reform, this gets repatriated. the market is trying to adjust to the absent of those two flows, which i think covered