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"Street brokers" use to give particular names to bank guarantees - BG- When they refer to a BG recently issued, they call it "fresh cut" if the BG was issued some time ago and the maturity date is approaching, they call them seasoned.

Usually everything is fake because Banks can only issue Bank guarantees following instructions of its Client who must have cash money on deposit as collateral for the BG that will be issued.

Intermediaries often confuse BG with Letters of Credit and both with Medium Term Notes.

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