Peter Juhas: Sure, Vincent. So in terms of net spread for the year, I think it’s going to be pretty flat from where it was for the fourth quarter 7.6% or so. So I think that’s a reasonable estimate. In terms of funding so we have about $6 billion to $7 billion worth of funding that we would expect to do that that obviously depends on the on getting all these deliveries 79 aircraft during the course of the year, as well as the level of sales that we that we ultimately end up doing. But based on the two and a half billion of sales, and based on that, just under 7 billion of CapEx, we would expect to do about 6 billion to 7 billion, which is that will be in unsecured bonds, it will be in some secure deals, unsecured bank deals as well. So it’ll be a combination, but that probably means two to three trips to the market during the course of the year.
Vincent Caintic: Okay, great. That’s very helpful. And second question. So glad to hear the strength in the valuations of aircraft as well as lease rates expanding? How do you balance between selling aircraft and realizing the gain since evaluations moving higher on aircraft versus keeping the aircraft and taking advantage of the lease rates, expanding sensors, such high demand there? Thank you.
Aengus Kelly: Right, Vincent when we think about selling assets, it’s the first objective is to improve the quality of the residual portfolio. Gain and sale and driving the price that we get for the assets come second to that. So what we do and we compose the sale, a portfolio of assets for sale, as we’ll say, Okay, this is a particular portfolio of assets, where we feel for various reasons that the average aircraft in the portfolio post the sale would be a slightly better asset than it was before the sale of this portfolio of assets. That’s the key driver that you’re always trying to make sure that the portfolio is built for the long-term. And that’s the primary driver of all our decision making. And that’s underpinned the success of the company for many, many years.
Holding on to assets and clipping near term coupons when you know there’s an issue with the — say in the bond world if you’re clipping a coupon of 12% 13% a year in a very low rate environment. And the bond is trading at $0.80 on the dollar you know there’s an issue somewhere there. And it’s recognizing that I’m trying of course, to be ahead of the market, we do have an information advantage over the rest of the market. We do see things before anyone else in the world. We do see more data than anyone else to and it’s employing all of that to try and make the best decision for the long-term shape of the portfolio. An example of that would be we were the only major lessor not to be buying end of line aircraft like 737s, A320s, A330s, 777s over the last 10 years.
We didn’t buy any, but all of the competitors were. And we knew that while there are going to be teething issues with the introduction of new technology, we could see before others that the trend for airlines was to move faster than many realized into the newer technology when they could. So that’s one example of many Vincent.
Vincent Caintic: Okay, that’s very helpful. Thanks very much.
Operator: We will take our next question from from Susquehanna. Please go ahead.
