Where do you see them going next?

Uh, thank you, Henry.

Uh, indeed, it has been fascinating times for, uh, us in rates, uh, especially for those of us who have spent most of our career in close to the zero lower bound.

Uh, so let me focus a bit on the Bund, and for me, my favorite way to approach this is to try to disentangle what has contributed to these very high levels that we have at the moment.

In reality, there are three drivers.

Like, the first one that can lead to a Bund sell-off is asset swap spreads, but these ones have been relatively stable lately.

In fact, more stable than you could have imagined.

What are the reasons you see for there being this potential positive surprise in the near term?