remember..., page-32

It doesn't matter what the security is, if the funding for those assets cannot be replaced then RHG are in a pickle. To with, Rock in the UK.

RAMS may have tried to calm market fears with their pre-issue announcement, and tough talk about only proceeding if the price is acceptable, but the buyers dictate the spread - not the borrower. (to try and equate MBL paper with RHG paper is fanciful)

Will likely be a "make it or break issue" for them.