I am referring, of course, to the amount of short-dated paper that is in the market.
What is the position with regard to short-dated paper?
What difference does it make, from the point of view of exchange control, whether this money goes to longdated or short-dated securities?
Another argument which has been put forward is this breach of contract theory, particularly in relation to the short-dated securities.
The only way they could issue them—and it was not at all easy—was by having some very short-dated shares which were more like a note.
If you fund this short-dated paper you have it behind you, and, to a certain extent, your feet are clear.
He should sell more long-dated bonds to mop up surplus money, instead of issuing short-dated paper.
An upward adjustment then took place in the short-dated gilts market and the long end of the money market.
