We did think that it would be slightly less than the initial sell-off, but the market very quickly prices these in. If you had put a 31.5% tax on bond income the next day, you would have seen the same kind of sell-off.
My view is that if they had said it was a problem and they didn't want to see companies in key sectors, the very large corporations, converting, and that we had to study it, it would have caused some nervousness, but I don't think you would have seen the reaction that we did see on November 1.