raw material

http://www.business-standard.com/article/reuters/foreign-banks-buy-up-bulk-of-indian-state-government-debt-115112400271_1.html

bbb- sovereign debt at 8% packaged for total return swap of, say, 5% (a guess) in a market that buys german bunds in exchange for a negative return

nirvana

fees on 451 mm usd = at least 1 % plus the spread on the hedged fx package

better than exporting textiles

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