So, Pranav, actually, all this rush of issuance we are seeing in terms of all this borrowing, is that to get ahead of this whole inflationary pressure? If rates are going to be cut at some point and they're going to remain on hold, is that the reason why everyone is going out now rather than wait? Is that...

Yeah, Shankar, it's a good question.

And the short answer is no.

If I were to rewind the clock and think about what was happening in 2025, 2025, we had a Fed that was cutting.

And in that moment in time, a lot of our corporate clients were looking at the rate backdrop and saying, Should we wait? Should we think about issuing in the future because interest rates are headed on a downward path and we may be able to enter and lock in coupons that are more attractive? As soon as it became clear in the earlier part of this year that further cuts are pretty much off the table and we had started talking about maybe even hikes.

As that became clear, a vast majority of our client base came to terms with that idea higher for longer uh rhetoric it's something that we have been predicting as a potential outcome for probably two years now um and now it's finally playing out so what we've seen from our clients um is a realization and acceptance of the rate backdrop And what they're looking at is the strength of the economy, strength of their businesses, and the return on their investments, whether it be strategic or in technology.

And the outcome of that is that they are issuing debt as and when needed, and they are not as focused on the underlying rates.

So