You are the Chief Financial officer of the consumer finance company,
Ming Enterprises (rated BBB-).  Ming is planning to enter highly
competitive credit card business where financing costs are critical. 
An extra 10 basis points (.10%) can spell success or failure.  You
hope to achieve a cost below 7%.  Ming needs to finance $500 million
of credit card receivables and plans to have this level of receivables
outstanding for ten years.  Ming is on the borderline of losing its
investment grade bond rating, something that would increase its
finance costs considerably.  Its stock price is 20 and has been
growing 20% annually for the last five years and, as a result, you
dont want to issue stock until the price is higher.  The current yield
curve is as follows:

Maturity in years:  2       5      10      15    

S&P Rating: BBB    6.0%     6.3%    6.9%    6.9%
            BB+    6.2%     6.6%    7.5%    7.9%

Design a bond issue, outlining in detail all relevant provisions,
which has as its goal the lowest possible interest costs given Ming's
needs.

P.S  I dont want any calculations in the answer.  It should be all
theory and a minimum of three pages.  You might wanna think as to what
factors could keep Ming's credits and what bondholders would look at
while buying the bonds.  What could Ming do to make its bonds look
attractive to investors -- things like that.