The tone of your comment suggests disagreement, but the meat of it is in full agreement with my earlier comment, so much so that yours can be thought of as a more fleshed-out version of mine.

>> There are only a handful of lenders playing at this level...

> The area where there are only a handful of "players" is lending to countries that are very high credit risks. And for good reason. What rational investor would lend money to a party clearly unable to pay it back? None. That's a death wish...

>> ...and they are mostly driven by politics, not profit.

> Except of course when governments guarantee that party's credit for political reasons