Follow-up on $DELL

Debt markets are trading $DELL as if it is going to do a 15-16 billion debt financing and then stop. The company needs yards more to strategically acquire, buy technologies and expand in the direction it wants to go. The $15 billion number is only a starting point. Do you want to lend to a firm that is going to be an issuing machine? What rates will you be willing to bear being a lender? DELL 19s are trading 5.75% area. My sense is there still risk here.

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