interesting, page-5

like I said to all and sundry - the paper market is returning & the UBS report is due out v soon - I was advised last week that it would be 2/3 weeks but I believe it could be as early as next week. Given there thorough understanding of rams I'd expect they will put a lot of focus on what the CURRENT spreads on AAA and prime 1 debt would cost RHG cf to their current arrangements. Hopefully they will put it very clearly and succinctly, so the market can see just how profitable rams remains at current spreads and the upside to further margin compression as market liquidity for top ranked paper returns.