This is the bond issuance process. We see that it is lengthy and that it involves many steps in parties, primarily due to the fact that these are public facing securities and are regulated by authorities like the SEC. A couple of things to note this is very similar to the IPO or equity issuance process. However, it is much shorter than the IPO process, particularly in the pre-launch timeframe. Companies thinking about an IPO need about 18 months or longer to prep. This is not the case for an initial bond offering, which can be arranged from initial pitch to first trade in several months. Follow-on bond offerings can be particularly fast.