New Issue: Metrix Funding No. 1 PLC Jan 06
- ID: 1932077
- January 2006
- Standard & Poors
Credit ratings were assigned to the floating-rate notes to be issued by Metrix Funding No. 1 PLC, an SPE. The purpose of this transaction is to transfer to the SPE a portion of the credit risk associated with a portfolio of corporate exposure ("underlying reference obligations") denominated in British pounds sterling, euros, and U.S. dollars (see chart). The issuer issued the notes, the proceeds of which were used to buy the initial portfolio. Of the target portfolio, 100% was transferred to the SPE by closing. The issuer is a public company incorporated with limited liability under the laws of England and Wales on June 24, 2005. Its activities were limited to acquiring the portfolio, issuing the notes, and certain other...
Companies mentioned in this report are:
- Metrix Funding No. 1 PLC
- HSBC Bank PLC
Action: New Rating
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Research Type: Full Analysis