The $5 million in treasuries (which I doubt exist) is the teaser and makes the reader assume the other bonds are also treasuries. They are not. The key is the words "credit-linked", which means they are some kind of derivative. My guess is they are either just as fraudulent as the CDFT instruments, or the assets held by supposed third-parties backing those bonds (which could have been issued by any entity, real or imagined) does not exist or does not have any assets. Who knows - maybe they are linked to Riad's fake bonds.
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