AGO trades a junior subordinated bond CUSIP 04622DAA9 and a senior note CUSIP 04621WAA8. The junior note trades about 65 cents on the dollar and the senior note is around 90 cents. How do others perceive the FSA notes relative to these two?

I see the FSA notes as being a little less risky than the subordinated AGO bonds, because they are not subordinated, and because the guarantee is potentially from the muni division instead of just AGO. On the other hand, the FSA bonds are perpetual forever effectively, so they have greater interest rate risk.

04622DAA9