Let's bring in former UK Treasury Secretary Jim O'Neal. He is chair at Northern Gridstone. Uh Jim, it's great to have you on.Uh also a great time to kind of assess uh what we saw this year, which was plenty. Uh if you go back, you know, eight or nine [clears throat] months and it was all the talk was, you know, with the tariff panic, it was going to be end of US exceptionalism, um flows away from dollar assets. Maybe that didn't continue, but you did see outperformance by non US equity indexes and also just ...

Group 1 - Global companies, including Citigroup and McDonald's, are increasingly issuing bonds in Canada's market due to strong investor appetite and lower borrowing costs [1][2] - The issuance of "Maple bonds" by foreign borrowers in Canada reached $16.32 billion as of September 25, surpassing the total for all of 2024 and edging past the $16.28 billion raised in 2023 [2] - The trend is partly attributed to the Bank of Canada's more aggressive easing of policy compared to the U.S. Federal Reserve, which only resumed cutting interest rates recently [3] Group 2 - The inclusion of Maple bonds in the FTSE Russell Index in January has significantly driven investor demand [4] - U.S. companies are also seeking to borrow in euros, with bond sales reaching a record $100 billion this year [4] - Companies are responding to a growing demand for non-dollar assets amid uncertainties related to U.S. trade policies [5] Group 3 - Major bond issuers in Canada this year include Citi, New York Life, and Pacific Life [5] - The demand for U.S. corporate debt remains strong, with spreads on high-grade bonds nearing all-time tight levels [7] - The recent Fed rate cut is expected to further boost the U.S. corporate debt market [7]