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

  • ID: 1821993
  • October 2007
  • Standard & Poors
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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...

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