So with 10yr yields rising, but the 90 day bill rate still pegged at 0.25%, is there a spread cap that will operate? Logic says yes, but markets can behave quite irrationally for periods of time.

The ‘cap’ that has been mooted is 3.oo% – 3.25%. There you would have a 300 basis point spread, and that, is steep. As I said, logically, I would agree, but I’m simply going to watch as obviously there is no obvious trade for retail to take advantage of this if it happens.