I agree. It's hard to be sure, but I suspect the whole euro dollar funding market is in steep decline and everyone who can is going "risk off" however and wherever they can. I am mightily impressed and relieved that funding was found. It wasn't cheap, but it looks like it was cheaper than equity and frankly any funding is better than no funding in these difficult times. Being a first mover is now a huge advantage as it's not going to get any easier in the foreseeable future.
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I agree. It's hard to be sure, but I suspect the whole euro...
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