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I’ve read the “research”. It is just a bunch of graphs of current volume and interest rate data with only about 5 years historical context.

I think they concluded a bit much about what will happen to credit markets given the graphs they provided – it was definitely not research in any (reasonable) sense of the word.

It is disappointing, because it is an important issue – however, I don’t think we’ll be able to see the credit crisis in the numbers until we’ve had it. The change in interest rate spreads is the only truly timely and contemporaneous indicator we have for the change in credit conditions 🙁

True, the current rate may not accurately reflect risk. However, it is an improvement on what we had before 😛

Who’s left to apply – I would guess a few building societies, SCF maybe but cant think of anyone else who deserves to get into the scheme. As a taxpayer, I’ll be heartily p’ed off if any anyone associated with a failed finance company manages to reflate their business (and personal wealth) by getting into the scheme. 300 bps for a non rated company is a joke – the premium should at least get close to their alternative cost of funds which must be 800 bps or more.

That would be very interesting – guess we will see soon

I agree. Finally some connection between risk and price.
I think the wholesale might be solved for us by the Australians pulling back from their blanket guarantee. I haven’t had a good look around this morning, but I think this NZ$1 mln cap might be it because the Australians are likely to adopt the same and drop the full wholesale guarantee.
Just a feeling, but I hope so…the broad wholesale guarantee is just too much and will kill the CP market dead

cheers
Bernard

I’ve seen that it is there – I have not read it yet though. I will do that soon.

I have seen Klings piece – I have post on that out later.