AAA Paper? 92.5% Are Not

Tuesday, March 11, 2008 | 12:41 PM

That headline is a bit of an exaggeration.

So what is the quality of the collateral willing to be accepted by the new Term Securities Lending Facility (TSLF)?  As we noted earlier, much of this paper is junk.

Consider this recent survey of triple A (AAA) paper, at risk of losing their AAA rating in the ABX Indexes, via Bloomberg: 

Click thru for interactive chartAaa_bonds_in_abx_fail

Source: Bloomberg

Tuesday, March 11, 2008 | 12:41 PM | Permalink | Comments (58) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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"Junk" is such a negative word.

We should call it "value challenged" paper.

Posted by: Marcus Aurelius | Mar 11, 2008 12:55:53 PM

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