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Typically, the junior tranches that face the greatest risk of experiencing a loss have to fund at closing. Until a credit event occurs, the proceeds provided by the funded tranches are often invested in high-quality, liquid assets or placed in a GIC (Guaranteed Investment Contract) account that offers a return that is a few basis points below ...
The term tranche is used in fields of finance other than structured finance (such as in straight lending, where multi-tranche loans are commonplace), but the term's use in structured finance may be singled out as particularly important. Use of "tranche" as a verb is limited almost exclusively to this field.
Hence, after the first default in the portfolio, the equity notes, i.e.; Class D notes in the above example are reduced to $24,000,000 from $30,000,000. A typical single-tranche CDO is a note issued by a bank or an SPV where in addition to the credit risk of the issuing entity, the investors take credit risk on a portfolio of entities. In ...
The Teamsters and the Treasury. Yellow’s bankruptcy in July punched a $5 billion hole in the U.S. economy that won’t be easy to fill. Yellow, financially beleaguered for years, finally threw ...
The combined programme was scheduled to expire in March 2016, after IMF had extended their programme period with extra loan tranches from January 2015 to March 2016 (as a mean to help Greece service the total sum of interests accruing during the lifespan of already issued IMF loans), while the Eurogroup at the same time opted to conduct their ...
The list of reference securities making up a portfolio is one of the primary drivers of the investment outcome of a synthetic CDO. [2] Because the portfolio is not that of a corporate credit index like the CDX or iTraxx, the mean default probabilities of the reference securities, their distribution of default probabilities, their default correlations and the recovery amounts upon default can ...
A fatal virus has been discovered in shrews in Alabama, sparking concerns about potential contagion to humans. The Camp Hill virus was discovered by researchers at The University of Queensland.
Emmental cheese with eyes. When cut into slices, each slice will have holes of varying sizes and positions. In the Swiss cheese model, an organization's defenses against failure are modeled as a series of imperfect barriers, represented as slices of cheese, specifically Swiss cheese with holes known as "eyes", such as Emmental cheese.