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Originating department:Commercial Services: RepoClear
Company Circular No:LCH.Clearnet Ltd Circular No 3009
Service Circular No:RepoClear 178
Date:19 October 2011
To:All RepoClear Members

Amendment of AA GC Baskets 

Following the lowering by Moodys of its sovereign credit ratings on Spanish Government bonds to single A+ on Tuesday 18 October 2011, RepoClear clients are advised that, with effect from Thursday 20 October 2011, Spanish Government bonds will no longer be eligible for delivery in the GC AA Baskets.

LCH.Clearnet Ltd continues to clear Spanish Government bonds in the following GC Baskets:

For the avoidance of doubt, GC Baskets are based on settlement in both the Euroclear Bank and Clearstream Banking Luxembourg Triparty services and are separate from the core RepoClear specific-ISIN clearing business. 

Further Information

If you have any questions, or would like further information, please contact one of the following: 

General RepoClearNick Maggs+ 44 (0) 20 7426 7442
Risk DepartmentLianne Arnold+ 44 (0) 20 7426 7376
Business Operations Mark Baker+ 44 (0) 20 7426 7217

Yours sincerely,

Nick Maggs
Senior Manager
Fixed Income Market Liaison
nick.maggs@lchclearnet.com