z*******r
发帖数: 12 | 1 这个亏损主要是由于它所持有的subprime CDOs 的value reduction吗
是不是反映在balance sheet的investment项目中
另外，看它的annual report，发现他有很多关于VIE或者SPV的表外业务，其中CDO占了
很大一块，这个应该是他作为originator所发行的CDO吧，如果发生Default，是不是这
块的表外也是亏损的呢，另外如果他originate的CDOs卖不出去，那是不是他自己就得承
销下来呢。
谢谢 |
r**u
发帖数: 69 | 2
citi took 70$bn worth of siv back on its balance sheet. i suspect much of it
subprime cdo. so 18$bn writedown is not that bad (i.e. their might be more!)
得承
by default, you mean cdo default to its creditor or underlying asset default?
if you priced the cdo and it's not sold, it stays on your (siv's) balance
sheet. so a lot of writedown are unsold cdos. banks might retain higher
rated tranches as well as the yields were unattractive to buyers and they
thought it's secure to hold those.
have a ni
【在 z*******r 的大作中提到】
: 这个亏损主要是由于它所持有的subprime CDOs 的value reduction吗
: 是不是反映在balance sheet的investment项目中
: 另外，看它的annual report，发现他有很多关于VIE或者SPV的表外业务，其中CDO占了
: 很大一块，这个应该是他作为originator所发行的CDO吧，如果发生Default，是不是这
: 块的表外也是亏损的呢，另外如果他originate的CDOs卖不出去，那是不是他自己就得承
: 销下来呢。
: 谢谢
|
z*******r
发帖数: 12 | 3 Thank you for your explanation.
Still not very clear:
what is its motivation to move 70$bn worth of siv back on its balance sheet?
or it is forced to do ?
if I mean the underlying asset default
So what can we see from the balance sheet of its SPE or SIV
do they move the loss back to citi's balance sheet? and another hit to the
group? |
