I've noticed something interesting happening right now in the European bond markets. The geopolitical tensions in the Middle East are really creating chaos, and borrowers are starting to delay their bond issuances to avoid this volatility. Bloomberg recently highlighted the trend on X: credit risk indicators are rising, and honestly, it makes sense. When there is geopolitical uncertainty, investors become much more cautious and completely reevaluate their positions. It's the classic domino effect: you have tensions somewhere in the world, and boom, it impacts global financial markets. Companies that were planning to issue bonds see conditions worsening and decide to wait for things to settle down a bit. What’s striking is really how interconnected everything is now. An event in the Middle East directly affects the European bond market, showing how linked global markets are. As long as this uncertainty persists, I think we will continue to see borrowers delay their bond issuances. It’s a cautious strategy while waiting for clearer geopolitical clarity.