It may be overkill in this case, since what is being offered bondholders is a gift even if the new bonds won't exactly trade at par.
But if your biological chassis has bumps and pocks and you want them gone, you can't exactly trade in for a new model.
And on a recent Sunday afternoon at Le Pain Quotidien, communal diners weren't exactly trading bites or even newspaper sections (at one point, a ringing cell phone elicited angry stares all around).
In fact, the only two players even signed with the team beyond this season are Young and Williams, and neither of those pieces are exactly worth trading a major piece for.
There has, for example, been much discussion of what exactly might be traded, and by whom, on a "social stock exchange"—a debate that is being informed by some real-world experiments in places such as Brazil and South Africa.
Jason Hollands, an investment adviser at fund brokers Bestinvest, points to investment trusts as an alternative option: broadly diversified collective investments, like funds, but quoted on the stock exchange, and traded in exactly the same way.
The tough part: figuring out exactly what's being traded, since so much of it is done over-the-counter.
(The insurance market does not always trade exactly in line with the cash market, but the differential should not have been as great as it was).
According to Moody's, long-term AAA-rated corporate bonds are trading exactly where they were in mid-August.
Some aren't exactly comfortable with trading down, and actually need a little hand-holding to get there.
