Hi there... some figures and comparisons could be extracted from the research publications distributed by investment banks. Just consider the ABS market in some (many) cases may represent the cheapest source of funding for many market participants (i.e. mortgage lenders, non-investment grade corporates, leasing companioes...). For example, the italian auto-maker FIAT (rated Ba3/BB-), is actually +500 for a 5y CDS while its ABS paper (rated from AAA to BBB) is paying much less... as the credit risk is not directly linked to the corporate but to the securitized assets (namely: auto loans). Rgds, Paolo
Posted on Aug 27, 2003, 11:29 AM from IP address 62.101.83.226