Sovereign annuities

Comment on the launch of "sovereign annuities" [note: they aren't annuities] over at Irisheconomy.ie. I can't seem to comment over there. Not sure if I've been banned or something, but this worth noting. While the sarcastic tone is well deserved for the accompanying launch commentary - "there is no risk of default" (I wonder how the Financial Regulator feels about statements like that??), it might be worth noting that there could be some traction for the index linked issues if they pay Irish inflation, something to which Irish pension schemes are currently exposed to and against which they only have a rough hedge in the form of Euro inflation. Pension schemes would of course be sensible to combine such assets with appropriate Credit Default Swap cover.