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“The risk area has moved from triple-B to single-A, causing a flight to double-A names. Double-A now pays as much as a single-A did eight months ago, so it’s just a case of maintaining similar investments” Michael Nelskylä, RBS |
When the credit crunch hit in August, one consequence that passed relatively unnoticed was that holders of extendible notes decided in large numbers that they did not want to extend their investment any further. They began putting the notes.
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