TITLE

HSBC CC program trips spread triggers

AUTHOR(S)
N. G.
PUB. DATE
July 2005
SOURCE
Asset Securitization Report;7/25/2005, Vol. 5 Issue 29, p1
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that Hong Kong and Shanghai Banking Corp. Ltd.'s card program in Great Britain, Affinity 001, saw its 4% excess spread trigger breached in July 2005, causing further cash trapping. But analysts at Fitch Ratings said the breach was not a cause for concern. The transaction has seen negative trends in excess spread levels over the last two years with a more marked decline in the last six months, according to Fitch. While some market players are not concerned, cautious sentiment towards British credit cards is growing. Deutsche Bank Securities reported recently that personal insolvencies remain at record high levels and said that credit card portfolios no longer appear to be immune to the negative economic backdrop.
ACCESSION #
17706821

 

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