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Presale: Herald Ltd.
Standard & Poors, April 2003
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Expected closing date: April 10, 2003. Collateral: A pool of 'AAA' rated securities. Arranger: Royal Bank of Canada Europe Ltd. Reference portfolio: -1 billion portfolio of investment-grade ABS. Underlying credit default swap: Caribou 2002-D. Credit default swap counterparty: Herald Ltd. Asset swap agreement counterparty: Royal Bank of Canada, London branch (AA-/Stable/A-1+). Custodian: Royal Bank of Canada, London branch. Trustee: The Law Debenture Trust Corp. PLC. Supporting rating: Royal Bank of Canada, London branch (AA-/Stable/A-1+). The preliminary credit rating assigned to the floating-rate notes series 2 to be issued by Herald Ltd. reflect: The credit support in the form of subordination provided by the swap, which is junior to the respective classes; The sound mechanics of the credit default swap and...
Companies mentioned in this report are: Royal Bank of Canada
Royal Bank of Canada