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These include pools of debt securities such as mortgages.
The shortfall is significant because Barneys has two important pools of debt that will start to come due in 2003.
(These new instruments could be pretty exotic: some consisted of C.D.O.s of C.D.O.s, pools of pools of debt).
It will focus on whole mortgages, or those that have not been packaged into pools of debt known as residential mortgage-backed securities.
Those pools of debt are rated more favorably based on CIFG's financial guarantee, and better credit ratings allow institutions to borrow money at a lower cost.
When the government bought the underlying securities to cancel the insurance, the taxpayer became the owner of these pools of debt issues.
Similar(47)
Pooling of debt could come only with pooling of sovereignty and responsibility, she said.
A one-off pooling of debt could arrest the run on sovereigns.
Speaking in Luxembourg, he added, "By beginning with pooling of debt, we're heading toward a dead end".
When a bank proposes a rating structure on a pool of debt, the rating agency will insist on a cushion of extra capital, known as an "enhancement".
If one could create a pool of debt that was better priced, then perhaps one could introduce a small amount of the older, low yielding debt to the pool.
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