Pirate trades when pirate is shutting down? Is this about people that believe pirate will deliver buying bonds from people that still hold some but dont trust him anymore for cheaper rates? I must have missed something, care to explain?
This is indeed the case,
For example Jon has a loan with Peter for 100$ but John doesn't think Peter will pay back so he sells it to Alice for 90$. Peter sells the loan for under face value as he believes the risk is to high and would therefor take a small lose then to lose the whole amount.
(simple example but I think you get the point)
I think Pirate will pay back hence I am buying exposure from people that don't think he will payback.
//DeadTerra
