Do you take a portfolio approach or do you just think about individual credits
Damien Wood Individual credits. We're bond pickers. We don't have an index or say weight it here or weight it there.
What's your view next year in terms of sovereigns
Tim Condon There's value in the Philippines but Malaysia's Petronas is the only one that I have a buy on. Everything else is too tight.
And the budget issue in the Philippines
Condon They are working...