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[Music] kirsta youre a partner in our banking and finance team Im really keen to hear from you about parent company guaranteed but they seem to be all sorts of guarantees and bombs out looking it just give me a feeling for what they all are if you want a short succinct answer no not in one sentence there are so many out there theyre used in all sorts of different sectors whats really interesting though is that the overarching term parent company guarantee captures so many different types it seems to be in particular bonds and guarantees and I vaguely remember from Law College that there is some fundamental legal differences to in those terms can you run me through that theyre very very different animals a bond is a separate independent obligation its issued by one party doesnt depend on the underlying contract the trigger points of payment is very simply a trigger a guarantee very very different animal as I said it is on the underlying contract its entirely based on that and i
