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| − | I really like swimming http://www.ersatzart.com/print.html is zoloft or paxil better for ocd And then there are the hidden fees, which are bigger still. If Verizon raises $49 billion and then the bonds trade in by 40bp, the investors in those bonds will have made billions of dollars, in mark-to-market profits, over the course of one day. To give just one example: a 30-year bond with a 6.5% coupon, if it’s trading at 6.1%, corresponds to a price of $105.48. So if investors spend $15 billion on such bonds at 6.5%, and then those bonds tighten to 6.1%, then the investors who got in on the bond will make a one-day profit of $822 million. And that’s just one tranche, corresponding to roughly 30% of the total financing.
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