The situation on the bond markets has also eased substantially over the course of the year. This meant credit spreads charged on top of the reference interest rates when issuing new bonds dropped substantially for utilities like RWE. The price for hedging RWE credit risk via five-year credit default swaps (CDSs), which briefly exceeded 100 basis points in January, fell below 35 basis points at the end of July, the lowest level since the end of 2007. However, in October, they had moved back above the 40-point mark. This is because we acquired the Dutch-based energy utility Essent at the end of September. It is usually much more expensive to hedge credit risks outside of the utility sector. The index iTraxx Europe, which consists of the CDS prices of 125 major European companies, momentarily exceeded 200 basis points in March. Since then, it has also dropped considerably. At the end of October, it stood at 88 basis points.