A new breed of bond

Emissions trading

After a boom in securitised stranded assets over the last seven years, issuance has been down. Also known as rate reduction bonds (RRBs), Barclays Bank says $30 billion of these off-balance sheet securities have been issued since 1997, $18.8 billion of which remain outstanding. The securities were conceived to help utilities recover the stranded costs of older plants rendered uneconomical by more efficient plants but who are no longer able to recover those costs through rate-based mechanisms as

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