If you compare it to the last two years, this year has been much more active and involves more asset types. For example we have seen two synthetic collateralized debt obligations CDO, one of which was a balance sheet deal, the other an arbitrage transaction. We have also seen consumer assets like credit cards and auto loans securitized in Korea, which is different to the past couple of years when it was mainly commercial assets.
In general terms, the market has remained pretty much the same with Korea being most active and Hong Kong still pretty quiet. Singapore is coming up quite...
