Template:SIV - FWMD
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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 |