=d) If Saint-Gobain succeeds in exchanging 100% of its January 20098.25% bonds for October 20104% bonds, can
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=d) If Saint-Gobain succeeds in exchanging 100% of its January 2009–8.25% bonds for October 2010–4% bonds, can you say that from October 2010 to July 2014 (i.e. the residual life of the January 2009–8.25% bond) Saint-Gobain got an interest rate of 4% on this initial debt of €700m? Why?
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