Buy-side retreats to ‘dirty’ CSAs amid collateral crunch

Repo market fears prompt insurers and pension funds to revert to bond collateral

Turning back

Derivatives dealers have spent much of the past decade cajoling buy-side clients to move to cash-only credit support annexes. But with margin requirements rising with interest rates, cash-strapped pension funds and insurers are looking to revive an old-style collateral agreement that many thought was confined to history: the dirty CSA.

It’s a catchy term for a collateral agreement that allows clients to post cash or other liquid assets – typically government bonds – they have in their

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