Asterisk Bonds

By Michael Maiello on Fri, 12/07/2012 - 9:53am |

Josh published my email to him...

URL:

http://talkingpointsmemo.com/archives/2012/12/more_on_asterisk_bonds.php?ref=fpblg

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I think the actual term is subordinated debt. But I guess asterisk works, too Neither is likely to be used by traders who prefer at most two-syllable descriptives.

And, yes, there would definitely be a market for it because 1) it would probably have a higher yield than regular Treasuries; and, 2) it would be preferable to some agency debt and non-government asset-backed paper by cash and treasury managers.

Oh, man, my long-term memory is really being strained trying to remember this stuff.

by EmmaZahn on Fri, 12/07/2012 - 1:59pm

Good point that a lot of people would take the risk for an extra 100-200 bps. But if it's 500 bps, we're in trouble.

by Michael Maiello on Fri, 12/07/2012 - 7:07pm

Idk, with the Transaction Account Guarantee set to expire 12/31 there is about $1 trillion looking for a new homes. Even if it flees back to MMFs or bigger banks, it will still be looking for the ones with the safest securities offering not the best yield since they are quite happy just now with none. More, somewhat snarky info:

Some Banks Hoping To Be Too Small To Fail « Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks:

by EmmaZahn on Fri, 12/07/2012 - 7:35pm

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