Conduit concerns

Taiwan credit

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Participants in Taiwan's asset-backed commercial paper (ABCP) conduit market have never had it easy. The transactions were born out of necessity to resolve the country's bond fund problems - caused by wrongly placed bets on inverse-floater and range-accrual notes - at a time when credit spreads proved to be unsustainably narrow. The highly demanding structures stand as a blemish on Taiwan's financial landscape.

With the arrival of a global reassessment of risk caused by the US subprime crash in

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