>> It would indicate that "the market" believes there may be some technical non payment scenario over the short term It may seem ludicrous to an outsider, but

>> It would indicate that "the market" believes there may be some technical non payment scenario over the short term It may seem ludicrous to an outsider, but it makes sense that if the market believes that the odds of the 1 month being delayed are significant, but the odds of the 3 month being delayed are insignificant, the 1 month would see a yield increase. If anybody has 10 billion dollars lying around this is an excellent arbitrage opportunity ;)