Ideally, bonds would never fail to be remarketed and cause a draw on the letter of credit. But in the current market, the letter of credit is acting as a safety net, proving that this structure remains a viable one in today's economy.
Ideally, bonds would never fail to be remarketed and cause a draw on the letter of credit. But in the current market, the letter of credit is acting as a safety net, proving that this structure remains a viable one in today's economy.