As for debt purchase bayer would use the cash from car park waiting for the gradual rise in interest rates are taken from the streets of two daughters of two different assumptions about the future:
1) Yes again the second time the credit crisis and then All bonds with more credit profile 'shaky are designed to descend to the minimum (eg, Ford, GMAC, Bayer 2105 etc.). anything can' be but I think that even in case of relapse, however, in part as the market discounts already
2) The credit crisis is receding and is preparing a light but steady economic recovery, which would lead to an improvement in the credit profile of companies with a consequent increase in the prices of most bonds rated 'low and a slight rising interest rates (on a pickup in inflation) which would lead to a lowering of long-term bond rating of the best.
bride 'and I think the second way that, paradoxically, there is less risk where the rating is more' low as the impact of improved credit profile has improved in the immediate impact of rising interest rates .. .. 'There is less risk where there is more' risk'......
why I'm parking the cash in bayer sold after France Telecom and Deutsche Telekom in 2033 to 139 to 129 (134.5 and 124.5, respectively, today), on the contrary bayer having faculty 'buy-back to 2015 I think remains stuck at 100 for the simple reason that almost certainly will exercise the Bayer because it would otherwise have to pay 3m Euribor + 2.8% .... for a company as Bayer is too expensive!! In addition, the spreads Hi MTF is very small .... good thing!
was dropped during the credit crisis because it is subject, and then at the height of the crisis clearly has paddled against a very large (remember that at that time I saw a 45 ford 2031 and today is 110. ... unfortunately I bought a high ehehehehe 55).
So if we sum up in another major credit crisis better stay calm going on BTP titles or excellent rating to ... but be careful if we're wrong we risk having a loud blow on interest rates.
I choose the view of improving the risk profile of companies ... in the last two months is paying .... much!
What do you think?
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