hypothetical question, page-43

Hotezal, (IMO) a margin (on top of a fair market value - plenty of real worl examples) the Chinese feels comfortable that it won't be matched.

If one (as I do) believes the Chinese (no shortage of cash as they increase their currency reserves by about $3 billions every 48 hours) with the political will to close the deal decisively in a competitive setting (if it didn't exist there would be no tender in the first place)...

50c perhaps.

30c is just $1b+ or around 2.5 months worth of 62%fe IO on spot market. Stage 1 is good for 15 years.

Either one uses real world numbers for guidance or seek the BOTS for answers. I prefer the former.