Thank you. This also implies that a good chunk of debt issued to finance share buybacks is "fake", i.e. accounting identity, as cash is parked in another pocket. But I'd say it's only about large cap IG companies, so you can sell CDS on these till the cows come home.
Thank you. This also implies that a good chunk of debt issued to finance share buybacks is "fake", i.e. accounting identity, as cash is parked in another pocket. But I'd say it's only about large cap IG companies, so you can sell CDS on these till the cows come home.
Thank you. This also implies that a good chunk of debt issued to finance share buybacks is "fake", i.e. accounting identity, as cash is parked in another pocket. But I'd say it's only about large cap IG companies, so you can sell CDS on these till the cows come home.