00:00The public credit market is very very small. I think there's the only 60 trillion yen outstanding on the corporate
00:08bond market
00:10compared to the size of the finance. It's been quite small. So a lot of finance has been done by
00:18banks who is basically private
00:20credit. So I think there is a demand for longer dated capital and also complex capital because the bank can
00:31provide cheaper
00:32and short term finance. And with the huge capex needs they need longer term more complex finance structure where the
00:41private capital
00:42markets can solve the problem for it. We will start to establish private as just another alternative for every
00:50CFO and every treasurer. And by the way in partnership with the Japanese banking system. Because at the end of
00:56the day we don't do
00:57what the banks do. We don't provide advice. We don't provide hedging, derivatives, M&A, any other service. That's the
01:04purview of the
01:05banking system. We provide a piece of capital that is in very short supply in Japan, investment grade, long dated
01:12to finance
01:14what they need.
01:14It's growing gradually. And I think it's a good alternative investment vehicle. I mean alternative funding vehicle from the viewpoint
01:23of the
01:23companies. As you said, used to be banks were the main creditors. But in these days because of the banking
01:30industry has so many
01:32restrictions, capital restrictions, kind of things. So their capability to provide lending to a private sector is getting to a
01:42limited amount.
01:43So I think private credit.
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