is teva,ny from e.m.ling $3.5 billion in euro -- and over in asia singapore's auction of 30 year bonds cover a ratio of 2.21, which is the highest level since 2012. henry peabody, met tom's, and lori, henry, emerging markets -- a conversation of a trade war holding up really well, why? henry: it is hard to make a blanket statement that we like the space of em and there is a narrative around better growth. part of the u.s., were talking in the break this dialogue around the dollar being broadly weaker for the foreseeable future to provide a tailwind to that em position and volatility position,t a dramatic and those who take a long view of a fundamentally changing em stories are rewarded. jonathan: let's show you where things are as i see them right now. the mexican peso in emerging markets against the u.s. dollar, here is the move. a 10th of 1%. if this was 18 months ago and this was the residence best case ont would have a tariff steel and aluminum with more to come, what the peso move at a 10th of 1%? ma