deacero sa louise news views credit hedging name duration past 5 years impossible present insurance companies write protection 10 first loss taken ene proof loss must exist covents must adhered otherwise payout made void believe offering zurich used cover first 35 mil 65 mil exposure front end cheapest alternative come certain hindrances ie timeliness payments proof loss additional constraint bb better private rating ene must get deacero enroncredit offer hedge excess exposure insurance coverage would cover failure pay bankruptcy said name would offer protection either 2 3 year rolling tranche format protection either bought duration 15 yrs npv 3 5 cash settlement louise get paid 100 recovery financial assets payout rolling basis 30 bpts enroncreit hedges market expect get 2 yr protection 2 per annum present ability structure tranche accreting amortising basis either suit p 95 actual exposures payment made digital cost would stated cost 1 35 expected recovery louise want call today discuss till 18 00 london time bill would hedge credit exposure ltol basis run duration risk require permission run manage risk mkf