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High Yield Bonds
In typical markets, if a company can't afford the debt service on five year debt, they just go down the curve. The problem is that two years at 430 tire? It's higher. A lot of issuers don't want to give five year paper to companies that are potentially failing either. So I think there's going to be a lot of problems in the high of the ball market. Now, explain to people why they just couldn't roll into a 10 year or something with a longer duration.