"Pay as you go will bring [credit derivatives on ABS] closer to a guarantee and may make it subject to withholding tax."--Donald Carden, partner at Clifford Chance in New York, voicing his concerns about the proposed International Swaps and Derivatives Association documents for credit derivatives on asset-backed securities.
"Pay as you go will bring [credit derivatives on ABS] closer to a guarantee and may make it subject to withholding tax."
