“The universal bank is the regulatory equivalent of the super-senior mortgage-backed bond,” says one analyst.

有分析家称：“综合性银行就相当于受监管的、抵押业务支撑的超级债券。

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“It turned out that only two markets were truly liquid: German-bond and US-Treasury futures,” says Manoj Pradhan, a fixed-income analyst at Morgan Stanley.

“事实表明只有两个市场真的是流动的：德国债券和美国国库券期货市场，”摩根斯坦利固收益入分析师Manoj Pradhan如是说。

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“It turned out that only two markets were truly liquid: German-bond and US-Treasury futures, ” says Manoj Pradhan, a fixed-income analyst at Morgan Stanley.

“事实表明只有两个市场真的是流动的：德国债券和美国国库券期货市场，”摩根斯坦利固收益入分析师Manoj Pradhan如是说。

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Robert Rubin, a bond analyst with Bear, Stearns, thinks regulators will seize on the change in control to gain concessions from TNP.

FORBES: Leveraging the regulators

Citigroup municipal-bond analyst George Friedlander said he hadn't given up hope yet that concerted lobbying by states and cities could persuade Congress to renew BABs.

WSJ: Munis Take Hit on Possible End of BAB Program

In the company's 1998 annual report, as Glenn Reynolds of the bond analyst firm CreditSights points out, it predicted that the growth of its health care costs would flatten at 5% by 2004.

FORBES