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[Music] kirsta you're a partner in our banking and finance team I'm 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 they're used in all sorts of different sectors what's 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 they're very very different animals a bond is a separate independent obligation it's issued by one party doesn't 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 it's entirely based on that and i...