Scratching the surface

Scratching the surface

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Refinancing call for structured credit-related ARS

Recent broker settlements in the auction rate securities (ARS) market only scratch the surface of the problems being experienced in the sector, accounting for around US$40bn of an estimated US$330bn of outstanding paper. With structured ARS experiencing average mark-to-market losses of between 50% and 80%, it seems inevitable that such securities will also be refinanced or restructured in due course.

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