It was largest Korean bank capital offering ever, the largest single-tranche North Asian bank capital offering ever, and the largest Asia-ex Japan sub-debt offering since 2003.
When Congress mandated the December 2010 release of other data on the Fed's unprecedented $3.5 trillion response to the 2007-9 collapse in credit markets, information about its so-called single-tranche open-market operations was not included.
Lawyers for Mr. Tourre made it a point of explaining some terms at the beginning of the day's proceedings, including "Q.I.B.'s," which stands for "qualified institutional buyers," and "single-tranche C.D.O.'s".
Taunus borrowing — through the discount window, the Term Auction Facility, the Primary Dealer Credit Facility, the Term Securities Lending Facility and Single-Tranche Open Market Operations — peaked at $66 billion in October 2008.
We have initiated a series of twenty-eight-day single-tranche term repurchase transactions with primary dealers, expected to cumulate to $100 billion outstanding, in which dealers may offer any of the types of collateral that are eligible for conventional open market operations.
As the single-A tranche is selling at $38.42,it means that the cost of protecting the par value of the investment is 61.58 cents per dollar, or $6,158,000 in a single premium for protecting a $10 million holding.
Presumably, even though there is spillover impact overall from the A to H share market, the single H-tranche stock price without the additional information would be less contaminated by noise trading than the dual listed H-tranche.
In theory, a failure to pay a single interest payment on a tranche of debt will trigger a demand from all bondholders for their money back.
Safe to say it sees plenty of cross-marketing opportunities for the new tranche of digitally active singles it's gaining by buying POF.
