References in periodicals archive ?
That scarcity of traditional liquidity has caused the market to search out alternatives, and extendible notes have probably been the most successful solution thus far.
Fitch is actively monitoring market conditions and the impact on the extendible programs it rates.
To receive the redemption payment, certificates of the extendible notes must be surrendered to the trustee, Citibank, N.
The GO extendible municipal commercial paper has original maturities from one day to 180 days from the original issue date of each note.
Based on the liquid market for ABENs, the performance of these securities to date and the disincentives to extension, Fitch has concluded that, so long as the extendible security is not in extension or does not otherwise qualify as illiquid, it would, in most cases, be appropriate to treat ABENs as liquid instruments booked to their expected maturity date," said Director Louis Lazzara.
Some of the more recent asset-backed extendible note programs are relying solely on the sale of the collateral with no third-party market value support,' said Santos.
The GO extendible municipal CP has original maturities from one day to 90 days from the original issue date of each note.
The current offering is the seventh issuance under the state GO extendible municipal commercial paper program with the last occurring in December 2005.
The GO extendible municipal commercial paper of 2005, series A notes are being issued to fund veterans housing loans.
The US ABCP market - extendible CP, an engine for growth.
Fitch Ratings has assigned a 'AA-' rating to Jefferson-Pilot Corporation's (JPC) issuance of $300 million of 10-year senior notes and $300 million in extendible liquidity securities (EXLS).
Fitch Ratings has assigned an 'F1+' rating to Shelby County, TN's $134 million capital outlay extendible municipal commercial paper (EMCP) notes, 2003 series A, expected to price the week of March 31.
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