We bid because it was a place to start. We are short public debt at what I term really optimistic levels, so buying at down 35 even with adjustments is probably going to be an okay investment.

A huge part of our capital is to provide investors tail protection. Our domain expertise is credit derivatives. The liquidity in high-yield credit markets is such where you can put on tens of billions. I have that as a short, and this discount fits as a long because if we're right and if these buys at -27 or -35 are bad buys, look out below.

You're bringing up a good point about basis risk. This is not a match trade. The average company in the index is quite a bit bigger and even better than a private credit portfolio. Goldman Sachs is pitching total return swaps on private credit portfolios for more 1-to-1 positioning.

As I saw in COVID, sometimes people who can't sell the thing they can't sell will sell what they can sell. Private credit can certainly infect public credit.

People think we're going to buy none - it's a classic market maker adverse selection question. You're either going to buy none or get filled and probably immediately regret getting filled. If we get filled and oversubscribed, our next bid is decidedly lower.