How will the SRT transition, a key asset in the trade, help the economy? SRC transactions have emerged as critical tools for banks to sell junior risk, really as a result of changing banking regulation, and in particular, the implementation of Basel 3 and Basel 3 end-game capital rules. What's really driven the increase in supply has been commonality in the rules and how these transactions are put together from both EU and US regulators. And then on the demand side, what's really increased investors' interest in this market has been the very good performance of these transactions by and large since their inception around the time of the financial crisis. The prime motivation for a bank to issue an SRT is to improve its capital ratios. Obviously, there are other ways for banks to manage the efficiencies balance sheets, such as selling assets outright, or raising public equity, or issuing an additional tier one bond. But by many measures, SRT is superior to these alternatives. For instance, when compared to raising public equity, SRT is less dilutive to existing shareholders, it's also less costly for the bank. Compared to issuing an additional tier one bond, SRT allows to target a specific part of the bank balance sheet, making it a very flexible capital management tool. And finally, when compared to selling assets outright, an SRT allows the bank to keep its loans on its balance sheet, allowing for a continued commercial relationship with its key clients and customers. We think what makes SRT transactions attractive in the current environment is their ability to allow investors access to assets they would otherwise find difficult to gain exposure to. Think of assets like capital core facilities, revolving credit facilities for investment grade corporates, and also loans to small and medium enterprises. We see the market opportunity in SRT evolving significantly over the next five years. One of the key drivers for the growth of the market, we think is going to be increased issuance from the US, on the back of new rules from regulators in that market, around what's required for banks to issue these transactions. And then in addition, because of increased investor demand for this asset class, on the back of strong performance, we expect to see significant number of new issuers in other parts of the world, as well as new assets, including consumer finance. We believe that SRT can play a significant role in building credit portfolios, sitting alongside other public and private securitisation, such as CLOs, ABS, ABL, and especially finance. The reason is because SRT offers a compelling risk-return profile, offering low volatility, high potential returns, and because of its high cash flowing nature. In addition, SRT investment is very scalable, because it emanates from the global banking sector. And finally, SRT offers true diversification, because it allows to take exposure to a very wide range of underlying credits.