ANZ 1.44% $19.78 australia and new zealand banking group limited

mbia and ambac mean more provisions for anz

  1. cya
    3,836 Posts.
    Anyone thats followed the ANZ thread for the last 6 months will know that I have been warning about ANZs monoline counter parties having their credit downgraded since march

    Last week both of ANZ major monoline counter parties were downgraded (exactly as predicted) :)

    ANZ hold 11.6B of CDS insurance with monolines, the two companies mentioned hold 60% of the Australian market place, so we can guesstimate ANZ exposure to these two monolines at about $5-7B

    Provisions of this size could take ANZ below $8. These provisions are no longer theoretical they are becoming imminent.

    reference stories here

    http://www.tradingmarkets.com/.site/news/Stock%20News/2007047/

    http://www.forbes.com/feeds/ap/2008/11/06/ap5661219.html



 
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