COMPANIES Last year’s acronyms – CDOs, CLOs and CDSs, bundles of loans and derivatives that were supposed to spread risk in a good way, but ended up poisoning the markets – have become the bogeymen of finance.
But now, the alphabet soup has evolved. This time around, we have CoCos, PIBS and PPDS – and these are the good guys, at least as far as Britain’s building societies are concerned.
