The way note redemption works, for the most part is through a reduction in pps. It is part of the nature of notes. Shares are created which must go into the o/s. The only way for that to happen is for them to be sold into a bid or someone buy at the ask against an iceberg bid. This has been happening since November. The notes are finite and there was a purpose for them.

I do see an acceleration happening. My personal feeling is short term pain and I feel long term gain.