Template:SIV - FWMD: Difference between revisions

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{{fwmdtt|nickname=SIV| imagetype=png| tagline=You give me that “Duration-My-Mismatch” crap, you can cram it your ass.| documentation=Fund constitutions, [[prospectus]]es, [[commercial paper]] programmes, [[IMA]]s, [[subscription agreement]]s, redemption gates: documentation galore, though none of it makes a damn of difference when the market won’t roll your paper.| docscore=7| amendability=Nope. It’s CP. If you don’t like it, don’t ''roll'' it. |amendscore=0| collateral=Yeah well here’s the problem. Portfolios of mortgages. Secured, collateralised, diversified... and as illiquid as hell. Extra points for ''looking'' safer than it was.| collateralscore =8| transferability=Some, in theory, but it is CP. It redeems in a month. Why transfer it? Just let it roll off.| transferscore =5| leverage=Not levered, as such, but a means of ''providing'' leverage. When you most want your money back, fast, you are least likely to get it.| leveragescore =8| frightometer=Before 2007: We have allocated risk to those in the market best placed to bear it. After: ARMAGEDDON.| frightscore=10}}
{{fwmdtt|nickname=SIV| imagetype=jpeg| tagline=You give me that “Duration-My-Mismatch” crap, you can cram it your ass.| documentation=Fund constitutions, [[prospectus]]es, [[commercial paper]] programmes, [[IMA]]s, [[subscription agreement]]s, redemption gates: documentation galore, though none of it makes a damn of difference when the market won’t roll your paper.| docscore=7| amendability=Nope. It’s CP. If you don’t like it, don’t ''roll'' it. |amendscore=0| collateral=Yeah well here’s the problem. Portfolios of mortgages. Secured, collateralised, diversified... and as illiquid as hell. Extra points for ''looking'' safer than it was.| collateralscore =8| transferability=Some, in theory, but it is CP. It redeems in a month. Why transfer it? Just let it roll off.| transferscore =5| leverage=Not levered, as such, but a means of ''providing'' leverage. When you most want your money back, fast, you are least likely to get it.| leveragescore =8| frightometer=Before 2007: We have allocated risk to those in the market best placed to bear it. After: ARMAGEDDON.| frightscore=10}}

Latest revision as of 13:10, 10 December 2022

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SIV


“You give me that “Duration-My-Mismatch” crap, you can cram it your ass.”


Docs Fund constitutions, prospectuses, commercial paper programmes, IMAs, subscription agreements, redemption gates: documentation galore, though none of it makes a damn of difference when the market won’t roll your paper. 7
Amendability Nope. It’s CP. If you don’t like it, don’t roll it. 0
Collateral Yeah well here’s the problem. Portfolios of mortgages. Secured, collateralised, diversified... and as illiquid as hell. Extra points for looking safer than it was. 8
Transferability Some, in theory, but it is CP. It redeems in a month. Why transfer it? Just let it roll off. 5
Leverage Not levered, as such, but a means of providing leverage. When you most want your money back, fast, you are least likely to get it. 8
Fright-o-meter Before 2007: We have allocated risk to those in the market best placed to bear it. After: ARMAGEDDON. 10

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