Hi, I'm Jim Lewis. I'm the CIO of Fixed Income here at M&G Investments. I'm in our Singapore office today with our Head of Asia Fixed Income, Guan Yi Low. Hi, Guan Yi. Hello. Hello, Jim. Welcome to Singapore. Thank you very much. I guess the thing to start by saying is that Asian fixed income markets have become much more important to global bond markets and therefore much more important to M&G. Can you talk a bit about how we've seen such dramatic growth in Asian fixed income? Well, China is now the second biggest bond market in the world after the US. $20 trillion equivalent in market cap and if you look at market indices like the Markit iBoxx, right, they put the investable portion of China onshore market that's about 6 trillion equivalent. And outside China, the rest of Asia is 2.5 trillion. So really, you know, this part of the world has really started to feature in global bond investors allocation and of course, you know, M&G has recognised that and decided to invest in this, deepen its investment capabilities in the region. So how big is your team here in Singapore and what kind of roles do they fulfill? We have a team of ten in Singapore focused on Asian fixed income. So most of us, you know, have more than 15 years, you know, navigating the peaks and troughs in Asian fixed income markets. In terms of role splits, okay, we have four fund managers, team of three dedicated credit analysts, two central dealers, as well as a portfolio specialist. Now, you might say that, oh, you know, just three credit analysts, that seems a bit light. But actually our fund managers have a credit focus as well. So in total, we have six persons dedicated to looking at credit, each with their own sector coverage. And the team works very closely with the research team based in London and US. Okay. Benefiting from their global sector coverage, for example, as well as their coverage of issuers in the in the same space that some of our issuers operate in. So I think that comes together to help us put together, complete our coverage I would say okay of the Asian credit space. Great. And could you talk a little bit about how your team here in Singapore and Asia interacts with the other M&G Investment hubs, so Chicago, London and elsewhere around the world, how we link up in terms of credit research and macro thinking? I think this year or continuation of, you know, second half of last year, clearly, you know, the global themes have taken precedence, okay. When it comes to fixed income investing. Okay, I mean, for example, the US banking crisis, I think sitting here in Asia, we benefited from hearing from the analysts in Chicago talking about, you know, where they see the problems in the US banking system and how they see the situation evolving. So that gave us, you know, more more comfort that, you know, this isn't a repeat of the 2008 global financial crisis. And with that, you know, we were able to then, you know, have more confidence in our core view this year that Asian investment grade corporates is the space to be invested in. And of course, you know, given the focus on responsible investment globally, we also talk regularly with the Stewardship and Sustainability team based in London. Okay. So as to ensure that our fixed income strategy here adheres to responsible investment principles. And the credit analysts here in Singapore, they'll be visiting companies and seeing the bottom up of what goes on. Yes, definitely. Now that, you know, travel restrictions are no longer in place, you know, we will really be the boots on the ground. Putting in the mileage. To kick the tires. Okay. For the for the team in London. Thank you. And Jim, how does the team in in London okay. See a role for the team in Singapore? Well obviously we have our weekly calls and catch ups between credit fund managers and credit fund managers over here, government bond exchanges as well. We have a big emerging markets team in London and there is some crossover, isn't there, between the sovereign bonds that you cover here and that Claudia Calich and her team cover in London. Remember, also we have big global bond funds that can go anywhere and invest across different geographies and I also think that clients in Europe and the UK and elsewhere for M&G will be interested in investing directly into Asian fixed income funds as well as part of their global portfolios, given there's so much going on here and so much value in different parts of the market. Well, very good to have you in Singapore, Jim, as well as you know our colleagues who have been visiting Singapore. We definitely you know, look, we definitely want to continue this close collaboration and conversation and to continue with the integration of the two teams.