Friday, 1 May 2009

Monoline death watch, continued

Watching the monolines die is a bit like listening to Fidelio. Intellectually you know that it going to end, but there are times when it feels like it cannot happen fast enough. Now we seem to have moved past the Komm, Hoffnung of Act 1 - there is no hope - and the protagonists are in chains. Specifically Syncora (which used to be called SCA - the name swapping in monoline land is as bad as that in a Shakespearean comedy, and a lot less funny) has stopped paying claims. This is of course a default event for CDS written on it. The FT story is here.



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