Issuance Of Funding Agreement-Backed Notes Falls To Lowest Quarterly Total Since 2002 Oct 08
- ID: 1821994
- October 2008
- Standard & Poors
Standard & Poor's Ratings Services rated $1.99 billion of funding agreement-backed notes in the third quarter of 2008 (see Chart 1). This brings total issuance for the year to $24.67 billion. Although this is not the lowest three-quarter total (since 2001, that would be the $23.7 billion issued in 2006), this low number is in our view the direct result of the recent and continuing dislocation of the credit markets. Issuance for the third quarter was down by 63% versus the third quarter of 2007, down 87% from the second quarter of 2008, and down 9% versus the first three quarters of 2007. This past quarter's issuance was the lowest quarterly total since the fourth quarter of 2002, when $3.1...
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