Thursday, October 05, 2006

FASB to Consider Changing New Asset-Backed Accounting Rules

sollte diese regelung in kraft treten könnte das im zusammenhang mit der neueinschätzung der ratingagenturen und den guidelines zu erschwerten kreditbedingungen führen.

ehrlich gesagt glaube ich aufgrund der starken lobby des finanzsystems nicht wirklich daran.

einzig und alleine ein versiegen der sratken liquidiät und dudurch automaticsh angemessener risikoprämien dürfte ernsthaft auswirkungen haben. aber evtl. werde ich ja positiv überrascht....

dank ghet an mish

Oct. 4 (Bloomberg) -- Accounting rulemakers are considering whether to alter new regulations that require investors to disclose changes in the value of their asset-backed bonds in quarterly financial reports starting next year.

The Financial Accounting Standards Board plans to discuss the rule and recommendations from its staff at a previously scheduled meeting on Oct. 25 in Norwalk, Connecticut, said Gerard Carney, a spokesman for the group. The new rule, which became effective Sept. 15, applies to financial reports compiled after that date, Carney said.

Borrowers complain that the rule will hurt profits and cut trading in the $8.3 trillion asset-backed market. Such bonds now yield 72 basis points more on average than similar-maturity Treasuries, according to data compiled by Merrill Lynch & Co.

``We recognize the importance of clarifying this in a timely manner,'' Carney said today in an interview. ``The staff is aware of the complaints and is researching it, trying to figure out whether additional time is needed before implementation.''

Investors may demand 5 to 10 basis points of extra interest in compensation for the risk that price swings will hurt earnings, according to research by RBS Greenwich Capital Markets. A basis point is 0.01 percentage point.

The yield premium, or spread, that the bonds pay over Treasuries has narrowed from this year's high of 80 basis points on July 5, based on a Merrill index of almost 11,000 bonds with a market value of $1.09 trillion. Floating-rate asset-backed securities yield 76 basis points over Treasuries, down from 86 on July 5. ..............



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