Some people are obsessed with mastering the art of booking affordable plane tickets, from squeezing the maximum redemption value out of frequent flyer miles to sussing out hidden discounts for those travelling with an infant, pet or large musical instrument.

BBC: Need a flight? Start a contest

Crucially, however, unlike the bank's shareholders, these creditors have no interest in the upside potential of a gamble for redemption: however that punt turns out, the most they can receive is the value of their fixed claim.

ECONOMIST: Economics focus