Question-and-Answer Session
Thank you, sir. The question-and-answer session will be conducted electronically. [Operator Instructions] And we will take our first question from Jimmy Bhullar with J.P. Morgan.
Jimmy Bhullar - J.P. Morgan Securities Inc.
Hi, thank you. Good morning. I just have a few questions. The first one if you... you spoke briefly about pricing, but if you can talk about pricing in a little bit more detail, especially in the U.S. market whether you are still getting rate increases or are rates starting to go down? Secondly, with the turmoil in the current markets and securitization activity being halted, do you expect the benefit from that in your U.S. business in the near-term? And finally on capital, based on your growth projections, do you expect the need... a capital injection over the next several quarters or not? That's all I have.
A. Greig Woodring - President and Chief Executive Officer
In terms of pricing in the U.S. market, what we see seems to be holding up very well. In fact, we would view the flow of business coming into RGA on U.S. side right now to be at a relatively high return rate given historical levels and that doesn't seem to be changing. We are very happy with the way that is working out. Opportunities coming from a dearth of securitization possibilities by ceding companies may have some impact, but it seems to us that over the course of the year that markets may return... there will perhaps be opportunities to do securitizations of some sort. I would... we are not counting on any big change there. In terms of capital, Jack, do you want to --?
Jack B. Lay - Senior Executive Vice President and Chief Financial Officer
Yes, maybe I can comment on that. We really don't expect to issue anything absent any particularly large opportunities on the M&A front. We really don't expect to issue anything in terms of common equity or really any kind of convert or I think like that. We just have to monitor the cash situations of holding company. There is a possibility we could lever up a little bit with respect to debt or some sort of a hybrid, but certainly don't expect to issue any common equity in the foreseeable future.
Jimmy Bhullar - J.P. Morgan Securities Inc.
Okay. Thank you.
Operator
Our next question is with Nigel Dally with Morgan Stanley.
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