Presale: Aura CDO Oct 05
Standard & Poors, October 2005
Abstract
Preliminary credit ratings have been assigned to the Aura CDO -800 million variable-, fixed-, and floating-rate, index- and credit-linked notes to be issued by Aura (Ireland) CDO PLC and Aura (Jersey) CDO Ltd. under its -50 billion secured-note program. Aura is a managed arbitrage transaction arranged by Merrill Lynch International, under which the issuer is effectively selling protection to the swap counterparty (Merrill Lynch International), on six custom-made CDOs, each incorporating around 80 reference entities. The issuer will pass this risk on to investors by issuing several segregated classes of notes with various maturities, currencies, coupon profiles, and ratings. The principal amount of the notes will be reduced by the incurred losses in excess of the available credit support. The...
Companies mentioned in this report are: Aura (Ireland) CDO 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
Aura (Ireland) CDO PLC
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