Mr. John Corrigan:

That is a good question. If one looks at the after-market and how the yield on that issue performed immediately after issue, it moved down slightly by about 10% and has moved down a little since. This suggests there was not much scope for issuing at a lower rate. In our signalling to the market as part of the sales process we indicated we would be fairly restricted in the amount we would supply. Apart from natural demand, this would have resulted in some exaggerated demand. When one looks at all these factors combined, the most important of which is the movement of the yield after the transaction closed, it suggests we got it about right. One likes to leave a little on the table for investors. If the yield had moved down sharply below 3% in the after-market, which did not occur, it would have suggested we could have issued the bond cheaper.