(This is universally regarded as a great idea.
In this humble blogger's opinion it is atrocious, a slow motion debasement of the full faith and credit of the United States.
The last bubble to blow up is us.
Banks as RAVs with AAA pixie dust.
Inconceivable that this will stop with bank holding companies, albeit there are a thousand or so BHCs in the wings that will want to suck on the Federales teet.
As previously stated this co-mingling will ultimately make the credit ratings of the issuer ubiquitous with the sovereign to the detriment and ultimate chagrin of the sovereign. - AM)
From Citizen Jensen:
NEW ISSUE PIPELINE…significant issuance this week
TBA REGIONS BK TBD BARC/CS/GS/MK AAA/AAA 12/08 WK
TBA ANZ BANKING TBD ANZ/BAS/JPM AAA/AAA 12/08 WK
TBA WESTPAC 5YR BAS/HSBC/JPM AAA/AAA 12/08 WK
TBA AMEX FSB TBD TBD AAA/AAA 12/08 WK
TBA BK OF NY TBD TBD AAA/AAA TBD
TBA SUNTRUST TBD MS/STRH/UBS AAA/AAA 12/08 WK
TBA MACQUARIE BK 5YR BARC/GS AAA/AAA 12/08 WK
TBA KEY CORP TBD TBD AAA/AAA TBD
TBA KEYBANK TBD TBD AAA/AAA TBD
TBA DEERE CAPITAL TBD TBD AAA/AAA TBDNEW ISSUE
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