move not too worrying but does mean a rising cost of capital for companies who have loans tied to lieboreearly test and small warning sign of the impact rising rates can have on companies, particularly those in europe and asia yet to exes persons rising scentral bank rates yet. this chart shows how corporate spreads in europe have risen suggesting rising corporate risk but still below their highs of the last year and much less pronounced spike than in liebore recently guys >> those factors that you laid out there, are any of them potentially somewhat fleeting? is this a transition period with things likes the tax law, treasury bill issuance and repatriation effect going to work through the system here or do we have to get used to these levels >> very good question and the ultimate answer we'll see in three to six months time or something, but all of them or certainly one of them you can see as being fleeting the repatriation of u.s. dollars from abroad if that's a one off move and then as companies start earning more tax the sort of coffers of u.s. dollars of foreign companies will rise a