Halloween Obbligazionario

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luigi pisano 11/11/2008 - 10:37

The Federal Reserve’s role in the new rescue package for American International Group Inc. looks – at first glance – like a potentially important step by the nation’s central bank toward buying distressed assets, something it has tried to avoid doing throughout the financial crisis.
In the case of Maiden Lane, the Fed was taking assets off the balance sheet of a single ailing firm. It wasn’t a player in the broader market. Details of the new AIG SPV are still trickling out, but it looks like the Fed in this case will need to go out into the market and buy the assets that AIG is exposed to through its insurance contracts. As the Fed says in its statement, “the New York Fed will lend up to $30 billion to a newly formed LLC to fund the LLC’s purchase of multi-sector collateralized debt obligations.” Fed officials already have been talking to AIG counterparties who own these CDOs.
Another step into uncharted territory for the central bank.


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