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Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

July 2006

Home Equity: Euro Heloc deal given test run

The first securitization of US home equity loan risk to be denominated in euros came to the market at the end of June via Countrywide Financial.




The deal involved a single €100 million tranche wrapped to triple A by FSA and placed by BNP Paribas with a single reverse enquiry investor. Backed by home equity lines of credit (Heloc), the deal is understood to carry pricing of 11 basis points over one-month...


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Gary Teves, finance secretary of the Philippines, casts an envious glance at the authoritarian regimes of China and Vietnam

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