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SHIELD Issues Macquarie Bank Repackaged Notes Mar 03 Product Image

SHIELD Issues Macquarie Bank Repackaged Notes Mar 03

  • Published: March 2003
  • Standard & Poors

Abstract
MELBOURNE (Standard & Poor's) March 6, 2003--Standard & Poor's Ratings Services said today it has assigned its 'A-' rating to the Series 1 repackaged notes issued by SHIELD, a repackaging vehicle established by Commonwealth Bank of Australia. The Series 1 notes transform the semiannual fixed-rate, U.S. dollar-denominated payments on Macquarie Bank Ltd. notes into quarterly floating-rate Australian dollar payments. "The popularity of repackaging vehicles continues with this inaugural issue by SHIELD," said Mei Lee Da Silva, Director, Structured Finance Ratings. "SHIELD aims to provide cash flows and credit risk profiles to investors that are tailored to their individual needs. It achieves this by repackaging the cash flows of financial securities using interest rate or currency swaps, or transferring credit risks...

Companies mentioned in this report are:
- Commonwealth Bank of Australia

Action: New Rating

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- Commonwealth Bank of Australia

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