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Enron Mail |
We may not want to do this if this means that ENA becomes a MAP, if it is not
one already. From: Alan Aronowitz@ECT on 11/09/2000 05:35 PM To: Marcus Nettelton/NA/Enron@ENRON cc: Subject: Re: ISDA Agreements/Structure FYI. ----- Forwarded by Alan Aronowitz/HOU/ECT on 11/09/2000 05:35 PM ----- Janine Juggins 11/09/2000 11:20 AM To: Justin Boyd/LON/ECT@ECT, Craig Young/NY/ECT@ECT, David P Tregar/EU/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT cc: Tina Ward/LON/ECT@ECT, Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: ISDA Agreements/Structure Sorry for the delay in confirming this point. Enron Trading Services Inc ("ETSI") can act as agent for ENA in arranging transactions with North American Metals customers, so as to take advantage of the ENA ISDAs with the respective customers. ENA will need to pay compensation to ETSI for its services as agent, and a services agreement will therefore need to be put in place. ENA will then need to enter into a back to back transaction with Enron Metals Limited. The back to back transaction will need to 1. transfer the economic metals postion to Enron Metals Limited; and 2. recover the cost of the service fee paid to ETSI; and 3. leave a margin to cover the credit risk assumed by ENA (this margin needs to be at market rates). If no credit spread is to be left in ENA, the back to back contract will need to be written such that all credit risk is passed through to Enron Metals Limited (ie ENA does not pay Enron Metals Limited unless ENA is paid by the customer). Regards Janine Justin Boyd 03/11/2000 16:51 To: Janine Juggins/LON/ECT@ECT cc: Subject: ISDA Agreements/Structure Hi Janine In my absence next week, could I ask you to think about the tax issues., etc....thanks! - J ---------------------- Forwarded by Justin Boyd/LON/ECT on 03/11/2000 16:53 --------------------------- Craig Young 30/10/2000 17:12 To: David P Tregar/EU/Enron@Enron, Justin Boyd/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Alan Aronowitz/HOU/ECT@ECT cc: Craig Young/NY/ECT@ECT Subject: ISDA Agreements/Structure Justin Could you recape current status of Enron North American/Enreon Corp ISDA agreements for U.S. clients. We are on hold with clients/ability to trade Craig Young
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