That is just about where five-year bonds from Argentina were trading yesterday.

And interest rates on the Greek five-year bond have shot up from less than 5% prior to the crisis to nearly 30% today.

The yield on Germany's five-year bond rose 3 basis points to 1.132pc.

For the five-year bond, they said it was 34.5 to 35 basis points greater.

To illustrate, we can take the last example of the five-year bond which is purchased after three years.

A simple example would be a five-year bond tied together with an option contract.

He did not say how much more, but many five-year corporate bonds were paying at least 8.25 percent interest in 1988.

As an example, Hungarian five-year bonds were changing hands at an interest rate of 10.7% this morning.

The remaining 70 percent is to be exchanged for four- to five-year bonds.

It will issue a new five-year bond on September 1.