[almog]

> ... and get par back immediately rather than having to wait 30 years to collect

In a parallel universe the US has entered a short technical default just slightly before SVB's collapse, which allowed them (if CDS insured) to collect all MBS at par value.

[almog]

I'm guessing also that as the ex-date for a possible US default approaches (I think it hasn't been announced yet), the demand for older cheap bonds/notes would rise