clearly want to leverage the success of covered bonds

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Canada Goose sale LONDON, June 23 (IFR) Goldman Sachs will start marketing a new type of bond transaction this Wednesday that straddles asset categories and features an unusual triple recourse structure, as it seeks to take advantage Canada Goose Outlet of investors demand for Triple A rated assets. Canada Goose sale

cheap Canada Goose The so called Fixed Income Global Structure Collateral Obligation (FIGSCO) issuer is a Canada Goose Coats On Sale joint venture between Goldman Sachs and Mitsui Sumitomo Insurance and will provide investors with a triple recourse if things turn sour. cheap Canada Goose

canada goose black friday sale Under the structure, investors will buy canada goose jacket have recourse to the pool of assets backing the trade, as well as having an unsecured claim against Goldman Sachs and Mitsui. canada goose black friday sale

Canada Goose Parka This triple recourse mechanism makes the transaction akin to a covered bond issue, cheap canada goose uk where investors have Canada Goose online a claim against the assets and the issuer and, indeed, covered bond investors will be among the targeted roadshow audience. Canada Goose Parka

canada goose clearance sale The transaction is expected to diversify Goldman funding sources and the outright pricing level is expected canada goose coats on sale to be competitive with senior funding. canada goose clearance sale

Canada Goose online The deal has been structured in response to a lack of canada goose uk outlet supply of Triple A rated assets and net negative covered bond supply. The programme size being set up canadian goose jacket is 10bn. Canada Goose online

Barclays, Credit Agricole CIB, Natixis, Goldman Sachs and UBS will hold investor meetings running from Wednesday until July 1.

Canada Goose Outlet But while the transaction uses some covered bond technology, it does not have all the bells and whistles traditionally attached to the sector. Canada Goose Outlet

canada goose coats There is no legal framework; the assets would not be eligible for a cover pool as defined by European regulation; the bonds will unlikely be repo salecanadagooseoutlets eligible at the ECB; nor will they canada goose clearance likely count for the Liquidity Coverage Ratio. uk canada goose outlet They will probably have a 20% risk weighting and be treated as Triple A corporate exposure under Solvency 2. canada goose coats

TRIPLE A WITH A SPREAD The deal could offer buyers a much more attractive spread than a sovereign trade, while filling a supply gap in the covered bond primary market, according to a FIG syndicate banker.

canada goose is an interesting trade, especially uk canada goose if you look at what going on Canada Goose Sale in the world, he said. will offer value and we expect the big liquidity books to get on board. canada goose On the canada goose uk black friday negative side, the deal may require more knowledge than a plain Triple A trade. canada goose

canadian goose jacket have been here before: Triple A with a spread, the banker said, is why the roadshow will be extremely canada goose black friday sale important and investors will have to do their homework. canadian goose jacket

buy canada goose jacket cheap Another banker said the complex nature of the trade was a negative. clearly want to leverage the success of covered bonds, Canada Goose Jackets but the complexity alone is negative. buy canada goose jacket cheap

canada goose deals The S buy canada goose jacket cheap Triple A is achieved thanks to a total return swap provided on it by Goldman Sachs Mitsui Marine Derivative Products, or GS MMDP, a joint venture with strong credit ratings. For some, this has echoes of the much maligned CDO market. canada goose deals

Canada Goose Jackets Meanwhile, the deal collateral cashflow is likely to come from a variety of securities from Goldman Sach long term funding operations. Canada Goose Jackets

canada goose clearance There is no disclosure yet, but that could mean the collateral could include bonds, derivatives and loan assets, which sources away from the deal say resembles something between a structured covered bond Canada Goose Parka and a CDO structure. canada goose clearance

FIGSCO would canada goose uk shop be more dynamic than a typical covered bond pool, though, as assets would be marked to bid on a daily Canada Goose sale basis canada goose clearance sale and topped up to keep overcollateralisation above 5%.

buy canada goose jacket More collateral will be canada goose factory sale added to the pool if the existing securities decline in value. A reputable international asset monitor will be tasked with assessing the valuation of the pool on a monthly basis. buy canada goose jacket

canada goose store The items would not cheap Canada Goose be disclosed canada goose coats line by line, but investors would be informed of the type of assets, the country of origin, the proportion of fixed and FRN assets and the level of concentration canada goose store risk. (Reporting By Helene Durand, Anna Brunetti, Editing by Philip Wright) canada goose store.

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