Finance committee  Yes, we weren't doing any ultra-long, as we call it—we were not doing any 50-year bonds before.

Finance committee  In the last three years, I will say it's about 45% in long, two to five is about 35%, and then 20% in T-bills.

Finance committee  It's one way of looking at it. When we look at the market, we see there's a lot of volatility and uncertainty about where the rates will be in the future. When we plan our debt strategy, we want to plan it to be able to face different economic circumstances. We also need to make

Finance committee  I cannot calculate the discount, but I know when I talk to investors—

Finance committee  The difference right now?

Finance committee  It's about 70 basis points right now.

Finance committee  About 15 basis points, so maybe 85 or 90 basis points.

Finance committee  You can also see it the other way around. If I lock in today, I take the risk of potentially having benefits in the future, which is unsure compared to making sure today we're paying less interest rates. The best example would be after the financial crisis when rates went to an a

Finance committee  No, we want liquidity. On markets when they buy our bonds to be sure that they will be able to sell it back in the market and that's what we referred to as liquidity. It's really in the three- to five-year sector that you see more liquidity. Investors like to be able to buy a pro

Finance committee  I can answer this question. I'm Nicolas Moreau. I'm the General Director of the Funds Management Division. It's a very good question. Thank you. We will have a larger share in the two-, three-, and five-year sectors. This is strictly by construction. As you know, when we issue a

Finance committee  Approximately, yes.

Finance committee  There are some that are more recent. Every year we are issuing 10-years and 30-years. When we go back to those shares, the 10-years and above have been growing over the past few years. We used to have a much shorter-term debt in circulation, especially after the financial crisis

Finance committee  I don't have that number offhand, but it's something I could clarify for you.

Finance committee  Exactly.

Finance committee  The exact number is $1.1—