that three things happen. Firstly, I think that BlackRock should do this pro bono without charging fees. And it does look as if that's roughly what's going to happen for at least part of it. Secondly, I think that there should be maximum transparency all the way through what's happening. And again, it's quite encouraging. It does seem like trying to take a more transparent approach than before. And thirdly, I think there should be a three-month review and probably a new beauty parade then to see whether BlackRock really is the best people to do that or to consider whether to bring the whole thing into house. Hmm. Well, to your point about the corporate bond market, it's hard to really understate how much that market has grown since the last financial crisis. I think it's about 10 trillion in size now and more than 40% of that market represents that triple B tranche that's at risk of a downgrade. So it sounds like you think about 25% of that market is that significant risk. You also (21/43)
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