See previous blogs. This is the Dutch equivalent of Bell, all Bells. Government owned and protected by an ironclad monopoly back then. Even made it to “Royal” status just before almost collapsing. But wonders happen. They issued 1.1 bln 6.125% Euro bonds which issue was oversubscribed by 6x. For those that think the Euro is dead this must have been an enormous shock, these are PERPETUAL bonds (first redeemable in 2018)! There was and additional issue for 60 years. All of this thanks, in part, to a little helpful nudge from our very close friends in Mexico. Truly mindboggling but there it is. A buy maybe for a 100% bounce at least??