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Funding Agreement-Backed Note Issuance Totals $27 Billion Through First Three Quarters Of 2007 Oct 07 Product Image

Funding Agreement-Backed Note Issuance Totals $27 Billion Through First Three Quarters Of 2007 Oct 07

  • ID: 1821993
  • October 2007
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services rated $27.0 billion of funding agreement-backed notes in the first nine months of 2007 (see Chart 1). This is an increase of 13.9% versus the first three quarters of 2006 and the third-highest nine-month total ever, surpassed by the $30.6 billion issued in the 2004 and the $27.3 billion issued in 2005. The past quarter's issuance of $5.22 billion was down 48% versus the second quarter of 2007, by 55% versus the first quarter of 2007, and by 24% from the third quarter of 2006. Since 1997, Standard & Poor's has rated $260.4 billion of funding agreement/GIC-backed medium-term note and certificate issuance (see Chart 2). Chart 3 shows that issuance continues to be done primarily...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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