Investors from outside the region can participate indirectly, through back-to-back swap
arrangements and mutual funds.
Aron simultaneously entered into a back-to-back swap
agreement with RBCEL, exchanging a fixed price for a monthly index price.
The 'F1+' ratings are based on the joint probability of a default by Hypo Public Finance Bank, rated 'A/F1', and the back-to-back swap
counterparties, which must be rated at least 'A/F1', under the total rate of return swaps.
When Hypo International is rated less than 'F1' or its equivalent, it must enter into a back-to-back swap
agreement for each asset with a third party with a rating of at least 'F1' or its equivalent.
In addition to wealth income, also contributing to the Company's diversified revenue sources was fee income related to loan level, back-to-back swaps
Determinations are further complicated when there are back-to-back swaps
between related entities.
That Headley 3-year-olds had breakthrough wins in back-to-back Swaps
Stakes also makes sense because the trainer practices such patience with young horses, the kind his rivals might push into the winter's Triple Crown prep races.