if they are not owners of the bond...they would be paying a minimum of the 11%, probably more, since they will add a level of risk by leveraging it..I would not lend my 11% gain for someone else to risk without getting an extra several % on top. It would be an asset and an off-setting liability, that would rapidly grow to a loss if not loaned out 100% of the time at rediculous rates....all IMHO