The Carlyle Group's Amsterdam-listed fund has been reeling, as we all know. This week, it said about $400 million worth of securities (mainly agency bonds) either has been or will be called. The news continues to trouble, and some have suggested that the crisis now has widened to include agency bonds. The issue, as the Financial Times notes, is that margin calls from repo agreements are much different than those from prime brokerage, which aren't exactly lenient right now (see next item). They are more likely to play strictly a numbers game. So, even though the value of the bonds have held up, rep desks still seem to favor calling in their loans when the going gets tough.  

For more:
- here's the Financial Times item
- Carlyle in talks with lenders still. Article

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