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 hard to demonstrate to investors it is not out of control. There is a new head of the Bureau of Internal Revenue. Since he took over, revenue collections are up 30% on the year. 2002...
