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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (38597)	11/17/2000 4:45:20 PM
From: patron_anejo_por_favor	Read Replies (1) of 436258

If you just moved from stocks to money markets to escape the coming market tough love, this should scare the $hit out of you: biz.yahoo.com NEW YORK, Nov 17 (Reuters) - Citigroup's (NYSE:C - news) banking unit Citibank pumped up its asset-backed securities (ABS) deal, rounding off a week of hefty supply buoyed by keen investor appetite, analysts and investors said on Friday. ``The ABS market has been able to hold up pretty well,'' said John McElravey, analyst at Banc One Capital Markets. ``The primary market is really strong.'' Citibank sold $750 million of fixed-rate, AAA-rated asset-backed notes, backed by credit card receivables. The transaction, with a seven-year average life, was part of a $13 billion shelf registration which allowed Citibank to sell senior ABS separately from lower-rated paper. The single-class offering, led by Salomon Smith Barney, was priced at 14 basis points over the midmarket level of comparable interest rate swaps. The size of the Citibank deal was increased by $250 million from the original $500 million. AAA? Credit card receivables? NOW?..... These guys (Citigroup) are jettisoning ballast (credit risk from Credit Card receivables) as fast as they can, unfortunately it keeps landing in and will sink the lifeboats (money market funds) filled with departing bagholders...ERRR, INVESTORS. I'm beginning to warm up to this Titanic analogy!!<GGG>

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