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Last year, when Sainsbury was struggling, some of these swaps were priced at 150 basis points per unit of debt insured.
ECONOMIST: Credit derivatives
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Government sources point out, though, that the amount of toxic debt being insured under APS is smaller than first estimated and RBS will take on a bigger share of potential losses.
BBC: Sell-off move leaves banks in flux
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The trouble is that these firms have recently insured a lot of risky debt products like mortgage-backed securities.
NPR: Credit Woes Squeeze Bond Insurance Business
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This sort of structure would provide leverage relative to traditional direct lending by EFSF in that given a relatively low probability of default, the total debt that could be insured would be larger than the total that could be lent directly.
FORBES: Euro Leaders Face Important Decision On Function Of EFSF
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It will have all the insured deposits and the FDIC-guaranteed short-term debt as liabilities.
WSJ: Banks Need Fewer Carrots and More Sticks
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He was in part speaking as an insurer of municipal debt and concerned because municipalities may look upon insured bonds as being actually that.
FORBES: Buffett Frets Over Municipals, So Should You
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Moody's also raised concerns about deterioration in MBIA's insured portfolio, given deterioration in mortgage performance data, particularly home equity and asset-backed collateralized debt obligations.
FORBES: Facing Downgrade, MBIA Comes Out Fighting
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Yet a near record amount, nearly half a trillion dollars worth, of municipal debt was floated in 2009, according to Thomson Reuters, with just under 9% of it insured against default.
FORBES: Muni Bonds: Panacea or Pandora's Box?