There has been a definite drop in turnover this week with sellers beginning to back off and buyers returning to the asset class. Feedback I am receiving from our private bank clients suggests they are unsure where to invest their funds following the quite severe downturn in equities, negative press surrounding hybrids and cash rates continuing to decline. Those investors that looked past the publications casting dispersions on the risk reward attributes of hybrids have fared rather well over the past week with a number of the Tier 1 securities tracking their way back towards parity. There has been distinct curve risk of late with medium term securities being bought ahead of their longer dated brethren. This is not surprising given the violent shift wider this portion of the curve experienced post the recent primary deals, but buying now is across the board. We are beginning to return to some semblance of order with securities pricing correctly on the curve given their maturities. From a yield perspective, we continue to see value in the 2017 – 2020 maturities.