“It wasn't just a question of pricing the underlying risk, but it was much more the question of pricing capacity and balance sheet as to how much of this risk could really be digested in a short period in the market. And the result of that was spread widening.”

Started in the fixed income markets and the move was driven by the sheer amount of issuance that was coming to the market. So initially, beginning of the year, Investors were very keen to get in on some of this AI debt, hyperscalers, some of these kind of chip deals. So investors picked them up, but they kept coming. And at some point, I think investors figured out pretty quickly that, you know, it wasn't just a question of kind of pricing the underlying risk, but it was much more the question of pricing capacity and balance sheet as to how much of this risk could really be digested in a short period in the market. And the result of that was spread widening. To the off-balance sheet point, look, that's what we follow very, very closely. You've got the deals. You've got the deals that are on balance sheet. But the interesting part, actually, is a lot of these residual guarantees are kind of contingent liabilities. And tracking these to understand actually what the buildup is of this kind of concentration risk in the system is a very important…