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Mr. Davidson, who had a broad knowledge of global capital markets, patiently walked him through collateralized debt obligations, yield and risk curves, and the growing amount of international capital in need of a home.
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"We have no obligation to yield to the lust of big businesses," he said in conclusion.
Also, in a situation that goes against your religious beliefs, you have no obligation to yield whatsoever.
High-yield obligations are like poor people, vulnerable to every economic woe.
Efforts on Wall Street to re-engage women who are trying to return to the work force, many of whom left for family obligations, have started to yield results.
A 30-year AAA-rated general obligation municipal bond yields 4.95% – not much below the 5% it yielded at the beginning of the year.
This fiscal and political turmoil has "sort of cheapened up municipals," he said, making it possible to buy a tax-exempt general obligation bond with a yield that is very close to the yield on a comparable, taxable Treasury security.
The mostly elderly respondents were instead offered "insured" debt obligations, promising 9% yields from paper backed by used car loans.
Mr. Gingrich promises that dramatically increasing oil drilling will produce a gusher of nearly miraculous potential: enough energy to cut prices nearly in half, end America's political obligations to Middle East producers and yield $16 trillion to $18 trillion in royalties to pay off the national debt.
Hence, (CM) does not even yield prima facie obligations (Hattiangadi 2006: 232 and 2007 189).
Along these lines Lebenthal likes the ten-year New York City general obligation bond with a 3.9% yield issued in May.
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