Molson Hart

You don't get it. Where will you get the funds to buy it back fromm? By borrowing at 20%

I do get it. I’m making a technical point which does not change the general correctness of your statement, but I’m nonetheless still right. Borrow $97, promise to pay $100. Buy back for $50. Keep $47. Provides no need for additional financing, it works.

No, you still don't get it. If you don't need additional financing your bonds would NOT be at 20%.

I do get it and now you’re making me mad. I keep telling you that under the following conditions it is mathematically profitable and you keep ignoring my statement cite different conditions. Markets are volatile and misappraise as you know better than I.

"Under the following conditions", bonds would not be at 20%. You need to try to think before making statements in finance. Study some finance.

Out of respect for you and your work I will try to explain one last time. Also, I would appreciate it if you didn’t go ad hominem on me while knowing NOTHInG about what I have studied or who I am. 1. Country A needs money so they decide to sell $100 10y bonds at $97

Let us stop. I don't play games with counterfactuals and "ifs". Your reasoning means every bond trading at discount & every stock trading lower should be treated as a profit for the issuer. Stop now.

Nope, that’s not my reasoning. Read the rest of what I wrote and just agree because I am obviously correct.