Basically what I was getting at. Worded differently. The Super funds buy the bonds and get paid a percentage in return but stumping up $1B or $2B or however much means less liquidity for the super fund. They have 7.25% or whatever coming in from the bonds but a huge amount of capital tied up. Reduced liquidity (asset rich, cash poor) means they will move to limit or stop lump sum withdrawals and limit us to pension/annuity payments only to preserve liquidity.
