institutional raising, page-2

Firstly, means more stomach churning action next week, and additional ammo for various journos, pundits and HC multi-personalities.

Secondly, given CIY is clearly the manager of the first mortgage fund, and appears to clear of the majority risk and reward of that fund, prudently reducing debt on that fund is a far less, to me anyway, risky proposition than trying to raise 550million in the way MFS wanted to, to reduce their own internal debt.

I may be completely missing the point, but CIY seem to be blue in the face trying to explain the separation between the two.

I'm sleeping easy, but it is very interesting times, and I'm happy to be corrected and receive rational, sound, calm responses. There's a lot of hysteria around at the moment, fear is winning over greed, but fortune has always favoured the brave.