Business and Finance Business and Finance
Wed, May 20, 2009
Tue, May 19, 2009
Mon, May 18, 2009
Fri, May 15, 2009
Thu, May 14, 2009
Wed, May 13, 2009
Tue, May 12, 2009
Mon, May 11, 2009
Fri, May 8, 2009
Thu, May 7, 2009
Wed, May 6, 2009
Fri, May 1, 2009
Thu, April 16, 2009
Wed, April 15, 2009
Tue, April 14, 2009
Mon, April 13, 2009
Fri, April 10, 2009
Thu, April 9, 2009
Wed, April 8, 2009
Tue, April 7, 2009
Mon, April 6, 2009
Sun, April 5, 2009
Fri, April 3, 2009
Thu, April 2, 2009

Global Diversified Investment Grade Income Trust - Credit Event in respect of Syncora Guarantee Inc.


Published on 2009-05-08 10:02:50, Last Modified on 2009-05-08 10:03:14 - Market Wire
  Print publication without navigation


 MONTREAL, May 8 /CNW Telbec/ - Global Diversified Investment Grade Income Trust ("Global DIGIT") (TSX: DG.UN) announces that further to a failure to pay, a credit event has occurred in respect of Syncora Guarantee Inc. (f.k.a. XL Capital Assurance Inc.). This reference obligation is included in several of the portfolios to which Global DIGIT is exposed and represents 1% of each portfolio in which it is found. The impact of the Syncora credit event on Global DIGIT will be that the subordination levels in the affected portfolios will be lowered. However the exact percentage of this reduction will be known when the recovery rate is determined within the next several weeks. Regardless of the recovery rate, Global DIGIT will not suffer a loss pursuant to this credit event. About Global DIGIT Global DIGIT provides an economic interest in a mezzanine tranche of credit default swaps in respect of portfolios of synthetic corporate exposures, mortgage-backed securities, asset-backed securities and structured finance securities. 
For further information: François Rivard, (514) 879-6405, [ http://info.fbn.ca/trusts ]

Publication Contributing Sources