Citi CDS Post-Bailout
Citi CDS fell by 19bp to 481.75bp, all that after a $20 bn capital injection and $306 bn in guarantees from the mighty U.S. government…Impressive
Add:
at 13:00 NYT, Citi CDS tightening to 250 bp
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November 24th, 2008 at 12:22 pm
From the term sheet-
“Term of Guarantee: FDIC standard loss-sharing protocol: Guarantee is in place for 10 years
for residential assets, 5 years for non-residential assets.”
Does that “standard” mean that the assets can trade with the guarantee or that the firm receives one, so long as it holds the assets?
…what a mess.