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To: Jack of All Trades who wrote (34462)	3/19/2002 10:44:58 AM
From: patron_anejo_por_favor	Respond to of 209892

<<Weren't they saying about the $11B in bonds they were betting on higher rates in the future. So they borrow cheaper and loan at higher rates?>> Sure. If they are correct (and by the raging discussions on this and the sister thread about interest rate direction, that's by no means assured). The point is twofold: 1) They did it with a "gun in their back" from the ratings agencies, threatening downgrade if they didn't and 2) The size of the offering will clearly put a dent in the bond market, at least temporarily.