| http://www.w3.org/ns/prov#value | - The central premise: if a municipality (and by extension, a corporation, asset manager, pension fund, sovereign or other entity) decided to lock in rates a few years ago with an interest rate swap, it made a ???bad bond bet.??? That???s because rates stayed low, meaning there was no need to hedge and so the premiums spent on the hedge could have been spent elsewhere.
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