If not, it would create a problem of great magnitude for the entire world. But I’m sure that they’ll find a solution. Question: After the past bad experience with United States-based rating agencies, would you now be in favour of the creation of a European rating agency?
Thus, the dealer would, in a second leg, use the junk bonds as collateral to borrow Treasury securities from the pension fund. And why would the pension fund see this transaction as beneficial?