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11 days into the $DSD contraction w/ $82M in coupons expiring <30 days. Coupon holders may: 1. Wait for TWAP > 1 to redeem. P must be high &/or sustained to clear all 2. Sell coupon OTM in the secondary market (c. 70% discount). Exit or buy $DSD At some point 2 may be optimal
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