サブプライム問題のまとめ

サブプライムローン問題のまとめ:日々のニュースより

スポンサーサイト

上記の広告は1ヶ月以上更新のないブログに表示されています。
新しい記事を書く事で広告が消せます。

PageTop

ABCP問題の詳細

Bloomberのニュースより、ABCP問題の詳細です。
資金繰りに困った会社が、ABCPの償還延長オプションを行使したのが事の発端ですね。

FC2 Blog Ranking ← 深刻な問題なのでほかの人にも教えてあげて下さい

BN 08/13 Coventree Fails to Sell Asset-Backed Commercial Paper (Update3)

By Sean B. Pasternak and Shannon Harrington
Aug. 13 (Bloomberg) -- Coventree Inc., the Canadian finance
company that went public in November, failed to sell asset-backed
commercial paper to replace maturing debt because of the credit
crunch caused by U.S. subprime mortgage losses.
The shares tumbled 35 percent after the company extended
maturities on C$250 million ($238 million) of commercial paper
and sought emergency funding for another C$700 million of debt.
Toronto-based Coventree's units have about C$16 billion of asset-
backed commercial paper outstanding.
``Problems that initially seemed isolated to a few U.S.
subprime mortgage lenders have led to broader concerns relating
to debt capital markets generally,'' including the Canadian
asset-backed commercial paper market, Coventree said in a
statement today.
Coventree is among the first companies to delay payments on
asset-backed commercial paper in the U.S. and Canada in the 12
years since the debt was created. The company's inability to find
buyers for its short-term debt shows the extent to which the
slump in subprime mortgages has spread to other assets.
``There's so much CP out there, and if one part of the
market locks up, it tends to be contagious,'' said Brian
Yelvington, a strategist at CreditSights Inc. in New York.
In the U.S., asset-backed commercial paper, which comprises
about $1.15 trillion of the $2.16 trillion in commercial paper
outstanding, is bought by investors such as money market funds.
The cash allows entities such as those owned by Coventree to buy
mortgages, bonds, credit card and trade receivables as well as
car loans.

Extendible Notes

In the U.S., extendible notes constitute about $172.5
billion in debt outstanding, according to Moody's. About $60
billion of that is backed by mortgages or securities supported by
mortgages, according to a report last week from New York-based
Bears Stearns Co. The notes allow the issuer to delay repayment
for as long as 397 days, the maximum U.S. money market funds may
hold, and may give Coventree more time to find a way to repay its
debt.
Shares of Coventree fell C$4.48 to C$8.50 after earlier
being halted on the Toronto Stock Exchange. The firm's market
capitalization tumbled to C$141.4 million from C$215.9 million
yesterday.
Coventree's announcement heightened worries that rising
defaults on subprime loans are infecting securities across the

-----------------------------====================------------------------------
Copyright (c) 2007, Bloomberg, L. P.

Page 2 of 3

credit markets, including asset-backed commercial paper, which
has been seen as among the safest of debt.
Contracts on the CDX North America Investment-Grade Index, a
benchmark for the cost of protecting investment-grade bonds, rose
6.5 basis points to 76.5 basis points after earlier dropping as
low as 64, according to broker Phoenix Partners Group in New
York. An increase indicates worsening perceptions of credit
quality.

Luminent, Aladdin

Coventree's decline pushed other Canadian finance stocks
lower. Bank of Montreal, the fourth-biggest lender, fell C$2.34,
or 3.6 percent, to C$62.23, the biggest decline in two years.
Royal Bank of Canada, the largest bank, fell C$1, or 1.9 percent,
to C$52.75.
Units of American Home Mortgage Investment Corp., the
residential-mortgage lender that filed for bankruptcy, Luminent
Mortgage Capital Inc. and Aladdin Capital Management LLC, last
week exercised options allowing them to delay repaying the debt,
according to Moody's Investors Service.
Germany's state-owned KfW Group and banking associations
this month agreed to cover as much as 3.5 billion euros
($4.8 billion) of potential losses at IKB Deutsche Industriebank
AG, after the bank's Rhineland Funding faced similar difficulty
in rolling over commercial paper.

Comet, Planet

Coventree's debt was issued by Coventree-sponsored entities
including Apollo, Aurora, Comet, Gemini, Planet, Rocket, Slate,
SIT III and SAT, the company said.
Coventree listed BNP Paribas, CIBC World Markets, HSBC Bank
Canada, Deutsche Bank Securities, National Bank Financial, and
Laurentian Bank of Canada as ``dealer partners'' on its Web site,
saying they sold its commercial paper.
Some investors are reducing or eliminating their investments
in the Canadian asset-backed commercial paper market, including
ABCP issued by conduits, Coventree said in the statement.
Coventree, founded in 1998 by David Ellins, Geoff Cornish
and Dean Tai, said it can't predict how long the ``market
disruption'' will continue or what effect it will have on
earnings. Tai is the firm's chief executive officer.
The company has other commercial paper maturing and may be
forced to extend maturities on that debt too and draw more money
from other sources, Coventree said.

`Little Incentive'

Coventree had revenue of C$217.1 million in the quarter

-----------------------------====================------------------------------
Copyright (c) 2007, Bloomberg, L. P.

Page 3 of 3

ended March 31, and a net loss of C$115.1 million, or C$6.92 a
share, according to its Web site.
For the fiscal year ended Sept. 30, Coventry had net income
of C$57.8 million, or C$3.60 a share, compared with C$24.4
million, or C$1.58, a year earlier.
Craig Armitage, a spokesman for the public relations firm
The Equicom Group Inc., declined to comment further.
``If a manager is extending due to the inability to issue
new CP, there is little incentive for the traditionally low-risk
tolerant CP purchasers to take risk on new paper from that
issuer,'' Yelvington said. ``The risk-reward usually is not high
enough.''

--With reporting by Mark Pittman and Jody Shenn in New York.
Editor: Scanlan (ekm)

To contact the reporter on this story:
Sean B. Pasternak in Toronto at +1-416-203-5720 or
spasternak@bloomberg.net;
Shannon Harrington in New York at +1-212-617-8558 or
sharrington@bloomberg.net

To contact the editors responsible for this story:
Emma Moody at +1-212-617-3504 or emoody@bloomberg.net.

[TAGINFO]



COF CN CN

NI CANADA
NI FIN
NI BNK
NI ONTARIO
NI CP
NI ABS
NI MMK
NI US
NI BON
NI COR

#<228916.95347.1.0.53.12385.25>#
#<228916.95347.1.0.53.12385.25>#


#<228916.95347.1.0.53.12385.25>#
-0- (BN ) Aug/13/2007 21:07 GMT



-----------------------------====================------------------------------
Copyright (c) 2007, Bloomberg, L. P.
スポンサーサイト

PageTop

コメント


管理者にだけ表示を許可する
 

上記広告は1ヶ月以上更新のないブログに表示されています。新しい記事を書くことで広告を消せます。