The document discusses the risks and volatility associated with Collateral Obligations, particularly those that are below investment grade. It highlights the potential for defaults, market and credit spread volatility, and the illiquidity of certain Collateral Obligations. The document also covers the impact of these factors on the market value of Collateral Obligations and the Issuer's ability to manage them. Additionally, it addresses securities lending and the implications of credit ratings on debt obligations.
documents/EFTA01365548.pdf
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