PROCRASTINATION IS THE thief of time. Carpe diem. For centuries, poets, statesmen and wits have warned of the dangers of delay and urged us to act now. But when it comes to issuing debt, banks are devising new tools to help corporates put off until tomorrow what they could be doing today. If corporates respond, they will be moving closer to taking trading positions in their own credit and using credit derivatives as banks and investors do.
The logic behind this is simple.
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