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’Merrill’s surprise CDO writedown, revisited
When did Merrill know about its surprise CDO writedown?
Commentators last week were revisiting the issue of “tranche warfare” on CDOs, and some of the legal tussels which have been going on. Which, it turns out,
More monoline trouble looms
Welcome back the spectre of the monoline downgrade.
And we have a new milestone. SCA became the first of the AAA-badged bond insurers to have its rating slashed to below investment grade. ACA, which succumbed to junk status some months ago,
Settlement risk: ISDA’s CDS monoline lists
The International Swaps and Derivatives Association has made some lists – specifically lists of all the CDS contracts out there which reference a monoline. Simply, all the “insurance” contracts on say,
Super Friday for monolines? Moody’s cuts rating on XLCA
SCA’s bond insurance business, XL Capital Assurance, lost its crucial AAA rating on Thursday evening. But Moody’s didn’t just cut XLCA, the fourth largest bond insurer, from AAA to AA. It downgraded it by six notches.