It offers governments and taxpayers more security and it reassures counterparties, depositors and debt-holders who are higher up the capital structure and who get a bigger buffer between them and losses.

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There is no junior debt in the capital structure, and that highlights another party fighting for business: mezzanine providers.

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They should vary the capital structure as their businesses change and markets prefer debt or equity, or a interest rates fluctuate.

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Debt supercycles and blowouts manufactured by the Federal Reserve were not factors in capital structure consideration or economic life at all.

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For instance, if the company looks to raise capital in debt or equity markets in the future, the new structure would allow investors to derive different growth and cost of capital assumptions leading to a higher combined valuation.

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