Presale: Thunderbird Investments PLC Nov 04
Standard & Poors, November 2004
Abstract
Preliminary credit ratings have been assigned to the secured fixed-rate notes series 18 to be issued by Thunderbird Investments PLC (Thunderbird) in a synthetic CDO of ABS and CDOs. Thunderbird was set up as a segregated SPE. The purpose of this transaction is to transfer to investors a portion of the credit risk associated with a reference portfolio of 36 ABS and three synthetic CDO tranches (inner mezzanine reference obligations), totaling $4 billion for the class A notes, and $2 billion for the class B notes for a period of four years (see chart). This could be extended by a further period for the CDO tranches affected by a potential writedown event or for ABS that are subject to a...
Companies mentioned in this report are:
- BNP Paribas
- Thunderbird Investments PLC
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
- BNP Paribas
- Thunderbird Investments PLC
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