Resistance level Clauses not clear, not standard, not even settled Rewrite the terms: • on a debacle… • because we can… • hide clauses in fine print… No two bonds were alike. Conclusion – impossible to convert directly... 53

Resistance level Clauses not clear, not standard, not even settled Rewrite the terms: • on a debacle… • because we can… • hide clauses in fine print… No two bonds were alike. Conclusion – impossible to convert directly... 53