SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Pastimes : Clown-Free Zone... sorry, no clowns allowed
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Wyätt Gwyön who wrote (56000)1/10/2001 12:33:12 PM
From: S. maltophilia  Read Replies (3) of 436258
 
<<FleetBoston Plays 'Good Bank/Bad Bank,'
Dumps $1.35 Billion in Troubled Loans>>

To buy the loans, Patriarch created Ark CLO 2000-1 Ltd., a type of fund
known as a "collateralized debt obligation." CDOs raise money by issuing
bonds and equity to their investors and investing the money in junk bonds
and loans of other companies.

Ark CLO raised $1 billion by issuing securities with a face value of $1.3
billion to fund the purchase of the loans and structure the fund. The fund
issued $925 million of triple-A-rated bonds, $75.75 million of
single-A-rated bonds, $275 million of bonds with no public rating (which
were given to FleetBoston), and equity of $35.5 million.

How the **** can you get a AAA rating on a bunch of bad loans????
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News