refund

Maybank at 34% of the follow on offering and others get their money back. The bonds traded to junk, coupons were paid, and new sources of capital will be needed to refinance less than a billion of debt due this year. Total has $2.5 billion invested in a series of group companies, less than 1% of annual revenue, and would welcome an audit from a big four firm. Equities are 80% off the highs and bounced neatly off a technical level at the end of the week though the Total group has yet to reach. LIC down 10% for the week.