first up, bayer racking up more than $50 billion in a sale. also sold nearly $6 billion in a euro bond offering, helping to finance an acquisition of monsanto. bayer was then topped by walmart, who sold bonds to help finance its investment in flip kart. in sovereigns, a $5 billion sale of 30 year tips. they yield of 0.934%. indirect bidders bought 81%, the largest share they have taken ever for that maturity. still with me is jim keenan from blackrock, oksana aronov from jpmorgan, and krishna memani. oksana, i want to begin with you and talk about what we are seeing in rates. the story with the ecb and the fed, they are worlds apart in terms of their guidance for interest rates. how do you expect that story to evolve in coming months? oksana: it seems like they are a couple years apart. it seems like the ecb is where the fed was a couple years ago in terms of guiding toward the end of its bond purchasing program. i mean, the ecb continues to guide. the end of the program is on track for the end of the year, and with over $8 trillion in negativ