Weekly Industry Pulse: A 1.19 Book-to-Bill, the Micro-D Becomes a 67 GHz Carrier & Two Clocks Running Against Export Orders

The Week in Review: Nov 2 - 8, 2026

The two largest connector companies reported within days of each other and the numbers say the same thing: orders are running at twice the rate of sales. Amphenol booked $12.2 billion of orders against $10.2 billion shipped in the third quarter — a book-to-bill of 1.19 — and TE Connectivity closed its fiscal year with $22.2 billion of orders against $19.9 billion of sales, +27% against +15%. Every increment of growth sits in three lines: datacenter, energy and defence. Automotive grew +3.0% organically and medical and sensors contracted. When a book-to-bill is 1.19, the binding constraint moves from demand to capacity, and the first thing that changes for a buyer is the delivery date and the validity of the quote — not the unit price.

The second story is that the unit of sale changed shape four times in five days. Teledyne Storm Microwave and Omnetics put VITA 67.3 NanoRF contacts inside a ruggedised Micro-D shell and took it to 67 GHz. Amphenol's SV Microwave packaged eight SMPM ports into a D-sub outline as one ganged assembly with two PCB mating halves. SGET shipped the first oHFM connectors, turning the FPGA mezzanine from a vendor-specific choice into a standard part at 332 to 875 contacts. And Murata put a switched 1.0 mm test connector into production. The thread through all four: customers are buying a defined interface together with its mating half, not a loose part number.

Third, two clocks started running in opposite directions. China's October manufacturing PMI fell back to 49.3, with new export orders at 48.7 after a September reading of 50.0 — the forward line that becomes a quotation four to eight weeks later. In the same week the FCC's consent decree with HKT set a hard date of September 1, 2027 for a complete exit from US telecom business, extending a regulatory sequence in which the December 2028 laboratory rule is the item with a component-level consequence.

Seven daily reports covered this window, all seven with a connector section, and the sourcing was unusually stable: no day reported a search-backend failure. Two days carried only capacity and procurement items because the connector category released no new product — November 5 and November 7 — and the November 8 report notes that electronica 2026 opens in Munich on November 10, so next week's window should be product-heavy by comparison. Where a thread continues from the November 1 pulse — the FCC laboratory ban, European EMS consolidation, certification as a supply-chain variable — the angle here is the new number and the new deadline rather than the recurring one.

1. Orders Growing Twice as Fast as Sales, and All of It in Three Lines

Amphenol, third quarter 2026, reported October 28. Sales of $10.2 billion, up 65% reported and 37% organically; orders of $12.2 billion; adjusted operating margin 29.7%; adjusted earnings per share $0.80, up 74%. The fourth quarter is guided to $10.3–10.5 billion and the full year to $36.9–37.1 billion, roughly +60%. Four acquisitions closed or agreed during the year for about $1.6 billion: AdvancedPCB at roughly $270 million for US defence and industrial high-end printed circuit boards, Dexgreen at about $90 million for European fibre-to-the-home connectivity, and Humanetics sensors at about $70 million.

That 37% organic figure is the one to sit with. It is organic growth on a base already above ten billion dollars, which is not a recovery comparison — it is volume arriving faster than the installed lines can absorb it.

TE Connectivity, fiscal 2026 ended September 25. Sales of $19.9 billion, +15% reported and +12% organic; orders of $22.2 billion, up 27%. The fourth quarter alone was $5.3 billion of sales (+12% reported, +13% organic) against $6.1 billion of orders, up 29% year on year and +6% sequentially. The segment split is the part a quote desk should read line by line: industrial was +20.8% organically, inside which digital data networks grew 43.5%, energy 18.1%, aerospace-defence-marine 11.0% (with the fourth quarter at +15.2%) and commercial transportation 17.1% — while medical came in at -1.3%, sensors at -2.4% and automotive at +3.0%. Guidance for fiscal 2027 is organic growth comparable to fiscal 2026, with the first quarter in the mid-teens.

Both companies are buying capacity rather than building it. Amphenol spent about $1.6 billion on four acquisitions; TE directed a similar order of investment into optical and filtering capability. Neither is standing up greenfield stamping and plating in a high-cost country at the rate the orders are arriving. That has a predictable consequence: overflow on mid-range standard parts moves to Asian supply, and while acquisitions are being integrated, vendor lists get re-ranked.

The clearest evidence that the second-source window is open came from Incap, the Finnish electronics manufacturer, on October 29. Third-quarter revenue reached a record €80.7 million, up 56% year on year and 18% organically, with comparable EBITA of €8.6 million (+50%) on a margin of 10.7% against 11.1% a year earlier. Growth came from the Lacon Group acquisition and from defence customers. The sentence that matters is the one about its largest customer: it is actively diversifying its supplier base.

Two forces in one line — defence demand rising and the top customer adding second and third sources. That is an entry window with an expiry date, and the date is set by the qualification cycle, not by the demand. Record revenue with a margin down forty basis points is the signature of ramp cost: the customer is already paying for capacity, so the opening argument is not a discount.

What It Means for Connector Buyers

• Re-plan quote validity before re-planning price. At a book-to-bill of 1.19 the risk to a 2027 commitment is a delivery date that moves after the purchase order, not a unit price that drifts. Ask for a stated lead time with a validity window, and ask explicitly what happens to it if the volume doubles.
• Put quoting effort where the organic growth is. Three lines growing between 18% and 44% are the ones whose drawings change; automotive at +3.0% and medical at -1.3% are being served by capacity that is already paid for. A quote desk that treats all segments equally is allocating its scarcest resource — engineering time — to the slowest-moving BOMs.
• Treat consolidation as a calendar item, not background noise. Four Amphenol acquisitions and a large TE optical investment mean two vendor lists are being re-ranked at once. The file that gets onto the list is the one you can send before anyone asks for it: first article inspection to AS9102, lot traceability, qualification reports cited by revision, declared origin, stated lead time.
• Enter with prototypes, not with a price-down. Incap's 56% revenue growth against a lower margin describes a customer buying ramp capability. Small lots, fast samples and complete test reports get you into the candidate list; the price conversation happens once the second source is qualified, and at that point you are inside the fence.

Sources: Amphenol, Oct 28 — Q3 2026 results, dividend increase and buyback (PDF); TE Connectivity, Oct 28 — fiscal Q4 and full-year 2026 results; Evertiq, Oct 29 — Incap grows 18% organically, largest customer diversifying its supplier base.

2. The Shell Stays, the Interface Changes: Four Launches in Five Days

The notable thing about this week's new products is not that they are faster. It is that each one moves the unit of sale up a level — from a component to a defined interface, priced and specified as a system.

Micro-D becomes an RF carrier. In ConnectorSupplier's November new-product round-up, Teledyne Storm Microwave and Omnetics disclosed a MultiFlex Micro-D that takes Storm's Storm Flex 034 and 047 radio-frequency cable technology and installs it inside Omnetics' ruggedised Micro-D shell, using contacts that conform to VITA 67.3 NanoRF. With Storm Flex cable the assembly reaches 67 GHz. The target applications are radar, electronic warfare, unmanned systems and space — environments where there is very little room and a lot of high-frequency content.

Read this precisely, because the customer question it invites is easy to answer badly. MIL-DTL-83513 is a signal-level standard with no defined characteristic impedance and roughly one amp per contact. Nothing about an 83513 shell carries 67 GHz by itself. What changed is the insert and the cable termination. So when a buyer asks whether we can put RF through a Micro-D, the honest answer separates shell, insert and cable assembly, and states which of the three is the new part. A supplier who answers "yes" without that split is describing a product that does not exist.

Eight ports become one part number. Also in the November round-up, Amphenol's SV Microwave launched SMPM Mini-D: a complete interconnect system consisting of an eight-port ganged RF cable assembly and two PCB mating halves — one surface-mount, one edge-launch — on the SMPM interface, covering DC to 40 GHz, in a D-sub outline, with push-on blindmate and a low profile. Military aerospace, test and measurement, high-density RF modules.

The commercial point is that this is specified and priced per position, not per connector. A supplier who can only offer loose SMPM jacks is not on that bill of materials at all, no matter how good the jack is.

The mezzanine becomes a standard. SGET's Open Harmonized FPGA Module specification, published at Embedded World in early 2026, now has compliant connectors shipping. There are two variants and they do not mate with each other: oHFM.s, a bottom-pad version aimed at low cost and high volume, and oHFM.c, a bottom connector in single or double row, in four sizes from 30×30 mm with 332 contacts to 45×60 mm with 875 contacts, for higher speed and higher I/O count. The specification is FPGA-vendor agnostic — AMD, Intel FPGA, Lattice and Microchip all fit — it is built on Samtec AcceleRate technology, and Samtec already sells 5 mm and 10 mm stack-height combinations to it. The specification is free to download, with commercial rights reserved to SGET members.

A new connector category is being defined in public, and the definition is free. The cheapest useful action is therefore not a product launch but a parameter table: contacts, stack height, data rate, mating force, current per contact and coplanarity tolerance for oHFM.c, set against the parts already in the catalogue, sent out as a selection document. The detail that will cause the first field error is that oHFM.s and oHFM.c look alike and do not mate.

The test point gets a switch. Murata moved its SWL series into production — part numbers MM8330-2600RJ5 at 5,000 pieces per reel and MM8330-2600RK20 at 20,000 — measuring 1.0×1.0×0.55 mm against 1.4×1.2×0.65 mm for the previous SWJ generation, at 50 Ω and DC to 15 GHz. The connector alone cuts PCB footprint by about 40%; with the dedicated probe and its keep-out area the saving is about 60%. The probe enters production in December 2026.

This is a consumer part and should be described as one: a MIL-DTL-38999 or SMA connector lives in a different size and power class, and conflating them is the fastest way to lose credibility with a professional buyer. What transfers is the architecture. The internal path stays closed until a probe is inserted, so the test point costs no board area and disturbs no RF performance when it is not in use. That idea is worth evaluating for our own miniature test points.

What It Means for Connector Buyers

• Decompose the question before quoting it. "Can your Micro-D do 67 GHz" is three questions — shell, insert, cable — and only two of them are the answer. Quoting the shell alone will be wrong in both directions: too expensive if the customer needed a signal part, unusable if they need impedance control.
• Buy ganged assemblies as positions, not pieces. An eight-port assembly is one line item with a channel count, and the comparison is cost per mated channel including the harness. A price per jack is not a comparable number and will make a like-for-like evaluation impossible.
• Treat oHFM as a design-in window rather than a replacement market. Nothing retrofits. The value is being in the reference design and on the second-source list for new FPGA and system-on-module carrier boards — which is a 2027–2028 revenue line decided by who has the parameter table ready in 2026.
• Follow VITA 67.3 as a leading indicator. The standard started at the backplane aperture, moved into the connector body, and has now reached the contact. Each step widens the set of shells that can carry RF, so a shell that is currently sold as a signal part is a future RF candidate.
• Do not let a consumer release set the specification baseline. A 1 mm, 15 GHz switched test point is useful evidence of how small the consumer side has become. It is not a military part, and quoting it as one against a 38999 requirement misreads both.

Sources: ConnectorSupplier, November 2026 — new connectivity products (Teledyne Storm / Omnetics MultiFlex Micro-D, SV Microwave SMPM Mini-D, PEI-Genesis Nexus Ranger, ODU-MAC Silver-Line); ConnectorSupplier, Nov 3 — oHFM: an open standard brings connector discipline to FPGA modules; Bisinfotech, Nov 3 — Murata launches smallest switched RF/microwave coaxial connectors.

3. Two Clocks: Export Orders Below 50, and a Rule That Moved to "Where the Test Runs"

The demand clock. China's official manufacturing PMI for October came in at 49.3, down from 50.1 in September and 49.8 in August, back below the 50 line that separates expansion from contraction. The sub-indices are more informative than the headline: new export orders fell to 48.7 from 50.0, and production slipped to 49.8 from 51.7. The backdrop the National Bureau of Statistics is describing is domestic demand held back by property with exports carrying shipments, while the European Union puts its China trade deficit — roughly $1.1 billion a day in 2025 — on the table and has already set limits on hybrid vehicles.

New export orders matter more than the headline to a connector exporter, because they are the inquiries that turn into quotations four to eight weeks later. A move from 50.0 to 48.7 is not a collapse. It is a change in the kind of inquiry: fewer of them, harder fought, and more from buyers who are collecting three prices to establish a benchmark they intend to use elsewhere. The operational response is not discounting. It is to shift the book from volume capture toward margin and schedule certainty, and to have the compliance file assembled before anyone requests it — with a trade deficit being politicised, an incomplete document set is more damaging to a deal than a high price.

The certification clock. On November 2, HKT, the PCCW subsidiary, signed a consent decree with the FCC: a shutdown plan within 30 days, complete termination of all US domestic and international telecommunications services by September 1, 2027, and formal revocation of its operating authorisations. The stated rationale was national-security concern over China Unicom's shareholding in PCCW. The precedent was already set with China Mobile, China Telecom and China Unicom. The same regulatory sequence includes the rule that from December 2028 laboratories in non-reciprocating countries — in practice all Chinese laboratories — cannot perform the certification testing for electronics sold in the US, and proposed rules barring Chinese carriers from US number access, interconnection with US networks and hosting data centres on US soil.

Be precise about the scope, because the sloppy version of this story is circulating. A passive connector sits outside FCC equipment authorisation. An active harness assembly, a gateway box, a telematics unit or a radio module sits inside it. So the answer to "does this affect us" depends entirely on what the assembly contains. And for the parts that are affected, the planning question has shifted from origin to test location: not where the part was made, but which laboratory signs the report, and whether that laboratory's accreditation is still valid on the date the customer needs the certificate. Moving a test route takes one to two years. That is the whole argument for starting in 2026 rather than in 2028.

What It Means for Connector Buyers

• Separate the demand signal from the supply signal. 48.7 is demand. It changes how you negotiate and how much inventory you carry, not what you are capable of shipping. Confusing the two produces discounting in a market that has not actually loosened.
• Split origin from test location in your own documentation. They are now two separate questions and a serious buyer will ask both. A supplier who can state both without going away to check has an advantage that has nothing to do with price.
• Price the compliance route into the quotation. A quote that names the laboratory, the standard revision and the report date is a different product from a quote that names only a price and a lead time — and for an assembly with active electronics it is the only one that survives a 2028 audit.
• Answer a sub-50 export print with certainty, not with a discount. The three things a buyer shopping three quotes cannot get from a catalogue house are a committed lead time, non-standard customisation and a long-supply-period agreement. Those are the products of a weak-demand quarter, not price.
• Watch the entity layer separately. Who may connect, who may host and who may certify are now three distinct permissions, and they are moving on three different dates.

Sources: AP via News4JAX, Oct 31 — China factory activity slips as new export orders weaken; Bisinfotech, Nov 2 — HKT steps back from US business as telecom crackdown escalates.

4. Slow Burn: The Capacity Map, C-UAS Money, and the Pacific Build-Out

The rest of the week was about where capacity is being installed and where demand is being funded. Neither is orderable this quarter, and both decide which BOMs exist in 2028.

TE localised the three operations that decide cost. TE Connectivity completed a second expansion at its Shirwal plant in Maharashtra, India: about $16.5 million and roughly 16,700 m² of additional floor space, plus new stamping, plating and an integrated tool room. It was inaugurated on October 27 and went into production on November 1. The site was first built in 2009, expanded once in 2018, and now totals 36,300 m² on 25 acres, laid out flow-oriented, with capacity up to three times the current level. Automotive is the main business, with industrial and commercial transportation alongside. India built 6.49 million vehicles in 2025 on OICA figures.

This is not assembly localisation. Stamping, plating and tooling are the three operations that set a connector's cost, and localising them means TE's Indian cost base approaches China's for automotive work. The strategic reading is the reverse of a threat: it identifies precisely which segment not to fight in. Military circular connectors — MIL-DTL-38999, MIL-DTL-26482, MIL-DTL-5015 — aerospace high-reliability parts and small-lot, many-variant work are not in that plant. The customers TE prices out of its Indian automotive line, and the mid-volume industrial and automotive buyers who cannot meet its minimum quantities, are the realistic order book.

Rossell Techsys opened a 210,000 sq ft facility in Bengaluru and holds an aircraft MRO licence. Its business is electrical wiring interconnection systems and harnesses — power, RF, control, data and signal — plus integrated electrical racks, fibre, electronic assemblies and after-market services, for aviation, defence, space and semiconductor OEMs, with more than 30 international customers. It is listed on the NSE and BSE as ROSSTECH. This is the buyer side expanding: a harness house adding capacity pulls loose connectors, backshells, contacts and shielding parts in the same direction, and an MRO licence makes the after-market a repeat purchase rather than a one-off.

Corning brought its Pune optical connectivity plant online next to the fibre plant it built there in 2012, serving datacentre and telecom networks, with more capacity due in 2027. Its Springboard programme targets $20 billion of annualised sales by the end of 2026, $30 billion by 2028 and $40 billion by 2030. Note doubled the floor area of its Hyvinkää plant with new SMT lines and feeders, reflow, X-ray and AOI, cleaning and conformal coating, and a traceability system running from prototype to volume, and joins the Finnish Defence and Aerospace Industry Association from January 2027 — industrial is its largest customer group today, but security and defence is the stated long-term market, and it reports customers focusing increasingly on origin and supply-chain security.

India now holds fibre, optical connectivity and harness capacity in one country. That is a closed loop at the interconnect layer, and the practical implication for an exporter is to assume a local alternative exists before quoting from China. The reachable business with a plant like Note's is loose parts, terminals, shells and backshells rather than finished harnesses — selling finished assemblies into a European defence contract walks straight into the origin clause.

The demand side: counter-UAS moved from niche to volume. Raytheon won $729 million for the US Army's LIDS programme — KuRFS, a Ku-band 360° threat-detection sensor, paired with Coyote low-cost interceptors that have already flown hundreds of engagements — with deliveries to the US Army, Qatar and Jordan, the first international sales of both systems, in fixed-site and mobile configurations. And Shield AI agreed to acquire radar maker Echodyne for $5.3 billion — $4.8 billion at closing plus up to $500 million in performance consideration — financed alongside a $2.5 billion equity and debt raise, closing in early 2027. Echodyne builds compact solid-state radars on MESA metamaterial electronically scanned arrays for drone detection, border and airspace surveillance and C-UAS cueing, and will keep selling MESA independently.

A compact AESA radar is a textbook high-density RF load: many channels, small volume, SMPM or SMA-class contacts and rugged circular input/output. A $5.3 billion acquisition price is what a category looks like when it stops being project-customised and starts being volume-produced, and volume production means second and third sourcing. US prime contracts remain closed to direct supply, but European, Middle Eastern and Indian programmes buy the same architecture — and the reachable customer is the tier-2 or tier-3 supplier to a prime. Romania's order from Thales makes the point: four deployable primary and secondary radar systems plus four precision approach radars, built on STAR NG (S-band primary surveillance at 60 nautical miles) and RSM NG/IFF, which integrates NATO Mode 5, EUROCONTROL Mode S and ADS-B. Dual-use equipment, a two-to-three year delivery tail, and a supplier layer that is currently choosing parts.

Two more items belong in the same drawer. Voyager won a $22.4 million other-transaction agreement funded by the Strategic Capabilities Office to develop satellite deployment and separation systems that are flight-ready prototypes, intended to convert unused rideshare capacity into mission capability and to transition to the US Space Force — a dispenser is a mechanical release plus umbilical cabling and separation connectors. And the US Air Force issued a notice of intent covering four airfields in the Northern Mariana Islands — Saipan, Tinian's international airport and WWII North Field, and Rota — at up to 1,200 fixed-wing and 320 rotary-wing sorties a year per site, 550,000 gallons of fuel and 1,000 personnel, under agile combat employment dispersal logic. Hearings run this month with comments closing November 29, a draft environmental impact statement in autumn 2027 and a final in mid-2028.

Neither is a purchase order. Both are reasons to have a package ready — a separation and umbilical bundle on one side, a rugged power and communications interconnect set on the other — and to be talking to the tier-2 suppliers who will actually buy it. The same applies to the Poland PAC-3 MSE European maintenance centre announced on October 28: depot work is long-run, low-volume, high-mix connector and harness demand that values qualification over price, with the caveat that EU and NATO local-content requirements make a European partner or assembly arrangement a precondition rather than an option.

What It Means for Connector Buyers

• Read capacity announcements as a map of what to stop competing on. Stamping, plating and tooling in India for automotive volumes is a cost structure we do not beat. The same announcement tells you the military circular and aerospace high-reliability lines are still made elsewhere.
• Sell loose parts to European EMS, not finished assemblies. A plant that has just doubled in size and joined a defence industry association is buying terminals, shells and backshells now; selling it a finished harness collides with the origin clause the same customer is being audited on.
• When a harness house expands, follow the loose parts. Rossell's 210,000 sq ft and its MRO licence pull connectors, contacts, backshells and shielding in a predictable ratio, and the after-market share is repeat business for a decade.
• Prepare packages ahead of the award, not after it. C-UAS and compact radar are volume categories now, and the supplier who has a documented SMPM/SMA plus circular I/O bundle when a tier-2 opens a sourcing file wins without bidding against a catalogue.
• Treat prototype-stage programmes as calendar entries. Voyager and the Pacific dispersal are 2027–2028 demand. The action now is one page of capability and a contact at the tier-2, not a quotation.

Sources: Bisinfotech, Nov 5 — TE expands automotive component manufacturing in India with $16.5M investment; Bisinfotech, Nov 4 — Rossell Techsys opens 210,000 sq ft Bengaluru facility; Bisinfotech, Nov 4 — Corning advances optical connectivity manufacturing in Pune; Evertiq, Nov 5 — Note Finland joins the Finnish Defence Industry Association; Evertiq, Nov 2 — Raytheon awarded $729M in counter-drone contracts; Military Embedded Systems, Nov 6 — Echodyne to be acquired by Shield AI in $5.3B deal; Evertiq, Nov 6 — Thales to provide Romanian Air Force with deployable radar landing systems; Evertiq, Nov 6 — Voyager wins $22.4M contract for satellite deployment systems; Defense News, Nov 6 — US Air Force eyes reviving WWII air bases in the Pacific.

Airoadcon's Positioning on This Week's Stories

• Against the 1.19 book-to-bill: the reason a buyer needs a second source in a tight quarter is schedule, not price. Airoadcon quotes MIL-DTL-38999-equivalent J599 and GJB 599A circular connectors, M39029 contacts and M85049 backshells from independent production lines with fixed quote validity and 4–6 week lead times, and states the lead time with the quote rather than after the order. The obsolescence and last-time-buy guide covers the companion problem of how much to commit to when the answer is "this part is going away".
• Against the Micro-D becoming an RF carrier: the shell is the part we already make; the insert and the cable assembly are the engineering. The MIL-DTL-83513 Micro-D guide sets out what the standard does and does not define, which is the right basis for a conversation about a high-frequency variant rather than a promise.
• Against ganged RF assemblies: an eight-port assembly is a specification and a test programme, not a catalogue item. The multiport RF connector guide covers the circular-side counterpart — how several RF channels are carried through one shell and what the mating and keying constraints do to the layout.
• Against the standardised mezzanine: a new open standard is an opportunity to arrive with a comparison table before anyone asks for one. The connector-to-PCB interface guide covers the geometry, coplanarity and stack-height variables that decide whether a board-to-board part actually mates at volume.
• Against the export-order squeeze: when inquiries get scarcer and harder fought, the differentiator is documentation that shortens the customer's qualification, not a lower number. The supplier qualification and audit guide and the AS9102 first-article guide are what a tier-2 buyer will actually ask for in the first three meetings.

Where to start: the Micro-D and subminiature ranges at /products/us-military-standard/micro-d/; the high-frequency circular family at /products/circular-connectors/rf599/; the high-density board-level interfaces behind the oHFM story at /products/data-communication/high-speed-differential/; contacts under /products/us-military-standard/m39029-contacts/; and accessories and strain relief under /products/us-military-standard/m85049-backshells/.

What We Learned This Week

1. A book-to-bill of 1.19 is a schedule problem wearing a price costume. When orders grow twice as fast as sales and all of the increment lands in three lines, the buyer's risk is a delivery date that moves after the purchase order and a quote that expires before it is approved. The supplier who wins that quarter is the one who states a lead time and holds it, not the one who shaves the number.
2. The shell is becoming a container and the insert is becoming the product. A NanoRF insert turned an 83513 shell into a 67 GHz carrier; eight SMPM positions turned a jack into a harness; an open specification turned a proprietary mezzanine into a standard part. Every one of those moves raises the value of the interface and lowers the value of the loose component — which means our catalogue needs to be organised around mated interfaces and their parameters, not around part numbers.
3. Three clocks are running and only one of them is about price. Export orders at 48.7 change the negotiation; the December 2028 laboratory rule changes who can prove conformity; and the September 2027 entity deadline changes who may connect and host. A supplier who can answer all three with a document, a date and a laboratory name is worth more in 2027 than one quoting five points lower.