• Should U.S. investors add U.S. dollar-denominated bonds of non-U.S. issuers?

• Should central banks add high-quality euro-denominated corporate bonds to their reserve holdings?

• Should LIBOR-funded London-based portfolio managers buy fixed-rate U.S. industrial paper and swap into floating-rate notes?

• Should Japanese mutual funds own euro-denominated telecommunications debt, swapped back into dollars or yen using currency swaps?

• Should U.S. insurers buy perpetual floaters (i.e., floaters without a maturity date) issued by British banks and swap back into fixed-rate coupons in dollars using a currency/interest rate swap?

• When should investors reduce their allocation to the credit sector and increase allocation to governments, pursue a “strategic upgrade trade” (sell Baa/BBBs and buy higher-rated Aa/AA credit debt), rotate from industrials into utilities, switch from consumer cyclicals to non-cyclicals, overweight airlines and underweight telephones, or deploy a credit derivative³¹⁴ (e.g., short the high-yield index or reduce a large exposure to a single issuer by selling an issuer-specific credit default swap) to hedge their portfolios?