Euromoney is questionable because the spreads on this stock are so wide (and so roll-over costs are proportionately higher).
It would be madness to pay the roll-over cost on a position one day and then close the same position a few days later, incurring a second cost - the conventional spread costs.
Roll over, roll over, roll over.
In just a year Sherman rolled over those costs like a tank, flattening them to 25% of revenues.
The derailment, which saw all bar two carriages rolled over entirely, cost two passengers their lives, with eight more seriously hurt and a further 34 suffering minor injuries such as shock.
If interest rates climbed even a tenth of a percentage point, the added cost to roll over the debt would be an extra $500 million a year.
"We expect some individual L.G.F.V. defaults in 2014, but a systemic default in L.G.F.V. debt in the short term is unlikely, as the fiscal cost to roll over debt is still low," he wrote, referring to local government financing vehicles.
According to Moody's, a rating agency, it is costing around half-a-percentage point more to roll over such commercial paper than it did before the crisis.
Greece and Portugal, in particular, have seen a sharp rise in their cost of finance and some investors have questioned their ability to roll over their debt.
Vehicles roll over, crushing bones.
They say roll over, you roll over.
