Global Diversified Investment Grade Income Trust - Recovery rate with respect to Controladora Comercial Mexicana SAB



    MONTREAL, Jan. 13 /CNW Telbec/ - Global Diversified Investment Grade
Income Trust ("Global DIGIT") (TSX: DG.UN) announces that the recovery rate
with respect to the Controladora Comercial Mexicana SAB credit event (the
"Mexicana Credit Event") is 44%.
    Substantially, all of the non-cash assets of Global DIGIT consist of
three credit default swaps ("GD Swaps") entered into with MMAI-I and the
related collateral to secure obligations under the GD Swaps. The GD Swaps are
mirrored by back-to-back credit default swaps (the "MMAI-I Swaps") between
MMAI-I and Deutsche Bank A.G. (the "Bank").
    Under the GD Swaps, Global DIGIT will not experience any loss under any
credit default swap pursuant to credit events under mortgage-backed securities
or asset-backed securities (the "Contingent Exposure") included in the
portfolio of reference obligations in the GD Swap until the corporate CDO
exposures (the "Primary Exposure") in such portfolio have all defaulted and
their notional amount has been reduced to zero.
    The Primary Exposure consists of multiple tranched exposures within five
corporate CDOs with attachment points before the Mexicana Credit Event (the
point in the capital structure where the exposure to losses in the portfolio
begins) varying between 6.79% and 10.55% and detachment points before the
Mexicana Credit Event (the point in the capital structure where the exposure
to losses ends) varying between 8.49% and 12.55%.
    Subsequent to the Mexicana Credit Event and the recovery amount realized
on such credit event, both the attachment and detachment points have been
lowered, due to the reduction of subordination within the capital structure.
This reduction is detailed in the table below:

    
    -------------------------------------------------------------------------
                           As at January 9, 2009          At Inception
       CDS                Attachment   Detachment   Attachment   Detachment
     Number   Portfolio      Point        Point        Point        Point
    -------------------------------------------------------------------------
        1         1          7.56%        9.01%        9.55%       11.00%
        2         1          9.99%       11.99%       11.00%       13.00%
        3         1          9.38%       11.38%       11.00%       13.00%
        4         1          6.79%        8.49%        7.85%        9.55%
        5         1          8.58%       10.03%        9.55%       11.00%
    -------------------------------------------------------------------------
        1         2          9.01%    `  11.01%       11.00%       13.00%
        2         2          8.54%        9.99%        9.55%       11.00%
        3         2          6.23%        7.93%        7.85%        9.55%
        4         2          8.49%        9.94%        9.55%       11.00%
        5         2         10.03%       12.03%       11.00%       13.00%
    -------------------------------------------------------------------------
        1         3          9.01%       11.01%       11.00%       13.00%
        2         3          9.99%       11.99%       11.00%       13.00%
        3         3          7.93%        9.38%        9.55%       11.00%
        4         3          8.49%        9.94%        9.55%       11.00%
        5         3          6.88%        8.58%        7.85%        9.55%
    -------------------------------------------------------------------------
    

    Investors are advised that the table of attachment and detachment points
in the press release of December 5, 2008 giving effect to the credit events
affecting Lehman Brothers, Freddie Mac and Fannie Mae, as well as the table of
attachment and detachment points in Global DIGIT's Summary of Investment
Portfolio for the period ended September 30, 2008 mistakenly inverted the
portfolios numbers, such that references to "portfolio 1" should have read
"portfolio 3", those to "portfolio 2" should have read "portfolio 1" and those
to portfolio 3" should have read "portfolio 2", as per the table hereinabove.
The rest of the information included in such tables, including the references
to the issuer and to the attachment and detachment points were accurate as of
the date thereof.

    About Global DIGIT

    Global DIGIT provides an economic interest in a mezzanine tranche of
credit default swap agreements in respect of portfolios of corporate CDO
exposures, mortgage-backed securities and asset-backed securities.




For further information:

For further information: François Rivard, (514) 879-6405,
http://info.fbn.ca/trusts

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Global Diversified Investment Grade Income Trust

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