I think that’s exactly what it means. Why would you willing pay more to insure debt for a company that you think is doing absolutely fine. you pay more for insurance when your risks are larger not smaller. Credit Susie spreads have gone through the roof over the last year and look what happened to them.

I genuinely wonder what the architects would think if they saw their creation today. In many ways I like mid century architecture but so many modern features of society such as all the security gates, huge traffic, large cars have turned these sleek designs into monstrosities

T-Bills trade on a “discount” you buy $100 worth for $95 but get back $100 at maturity, that $5 difference is the interest, you don’t get a separate interest “coupon”. Look at your actual cost basis, I don’t think it’s $5k as that would indeed mean 0% interest which isn’t where rates are these days