3 ms·
The fact that the market priced in the haircut does not mean there was no haircut. It just distributes the loss between different creditors. The bonds are jus
by jessriedel 9y ago
The fact that the market priced in the haircut does not mean there was no haircut. It just distributes the loss between different creditors. The bonds are just as much in default, representing a net transfer from creditors to borrowers.