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Matt Levine's Money Stuff


doughishere
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From this mornings Email:

 

The insurance feature of the bonds would be triggered if Credit Suisse’s annual operational risk-related losses cross $3.5 billion. Buyers have a level of comfort, however, because it’s a “second-event” bond. The most any single event could contribute to the trigger is $3 billion, meaning it would take more than one event to cross the threshold. The odds of that are remote: Credit Suisse has put them at roughly 1 in 500, the people said.

 

 

....its pretty good.

http://www.bloomberg.com/view/contributors/ARbTQlRLRjE/matthew-s-levine

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