One attractive feature of euro-denominated debt is that it pays a higher yield.

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The government borrows money to make up the difference between what it pays and what it takes in, and the debt ceiling is a cap set by Congress on the amount of debt the federal government can legally borrow.

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It is generating enormous cash flows, pays a 4.5% dividend (which it just raised), and will be debt-free in the not too distant future.

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The investment subsidiary also pays Apollo Advisors a management fee of 2% of gross assets--including the debt it borrows.

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