- The bond is issued in denominations of $1,000 but the minimum application amount is $10,000.
- The bond is unsecured. Using an example, your mortgage loan is secured because if you're unable to pay, the creditor is able to seize the property to pay off the loan.
- The bond is unrated.
The bonds are also ranked similar to all and future unsecured loans. The current unsecured loan is $900million, due in December 2011. Interest paid for that loan? 4.15%.
Frankly, at a rate of 2.15%, I thought it was secured against some sort of securities. Apparently it is not. Good deal? Bad deal? You decide.
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