Like your CSA dirty? It’ll cost more

Buy-side firms have to pay up if they want to post corporate bonds to their dealers, but prices vary

Credit: montage

As dealers see it, collateral agreements sit on a continuum of cleanliness. A spectrum of spotlessness. An increasing number of pension funds and insurers are now trotting down to the grubbier end of that path – accepting costs that have become a growing point of difference and debate.

Banks favour credit support annexes (CSAs) in which counterparties only post cash to each other – super-helpful to any derivatives dealer, because cash is fungible, allowing incoming collateral to be used for

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