The sharp loss of value in triple-B spread most dramatically to single-A and even to the triple-A tranche, which was supposed to be safe.
As Travis has clarified for us since, the original raise back in December included a later tranche which would allow the company to raise up to a total of $39 million.
But the two sides are at odds over the price of the latest tranche, which will set a precedent for the rest.
Other files among the tranche, which records events up to 1951, reveal how a male MI6 officer was arrested in Madrid wearing women's clothes, how MI6 paid huge amounts of money to agents to keep Spain out of the second world war, and how MI6 was prepared to "liquidate" selected individuals after the war.
This spring, Centre Court debentures were trading between £55,000 and £65,000 each for the latest tranche, which are valid until 2015.
The tranche, which has been withheld since July, has been delayed by ongoing disagreement over the cuts in Athens' shaky three-party coalition.
We are now etymologically prepared to deal with the hot word in the lexicon of this year's unprecedented budget stimulus: tranche, which some Washington stimulati pronounce to rhyme with "root and branch" or "meanwhile, back at the ranch".
The Real Lettings Property Fund aims to raise £15m to £20m in the first tranche, which will be used to buy up to 100 one- and two-bedroom flats in London in the first year that can be let to the Broadway subsidiary Real Lettings.
The bond insurers cover only the most senior tranche, which is the safest one.
We still have some of that position, but those spreads have gone and I'm talking about the BBB tranche, which has very little protection.
If so, that would begin to make worthless some bonds up to the AA rated tranche, which has been considered safe by most investors.
