By: defilstrok on Martedì 25 Settembre 2007 13:45
Eh sì! 'Sti mercati davvero si evolvono, sorprendendo soprattutto con la loro impassibilità. Ieri il FMI ha quantificato prudenzialmente i danni in 200 mld di dollari. Sono praticamente 300.000.000.000.000 delle vecchie lire. Una bazzecola!
E ogni giorno nuove buone notizie:
Bloomber: Baffinland ran short of funds to pay for food, fuel and drilling equipment after investing in commercial paper that borrowers couldn't repay. Without the money, the company had to arrange an emergency line of credit before shipping lanes froze over.
``We have 200 people to keep alive,'' Chief Executive Officer Gordon McCreary said in an interview in Toronto. ``Our lifeline to getting critical materials to the north'' was the C$43.8 million ($43.8 million) invested in commercial paper, he said.
The Canadian cash crunch that started with defaults on subprime mortgages in Southern California and Florida has hurt more than 25 companies that invested in commercial paper, including Sun-Times Media Group Inc. and Canada Post, the nation's mail service. Baffinland has 95 percent of its cash in Canadian commercial paper, debt that is due in 364 days or less.
Investors fled Canada's asset-backed commercial paper, paralyzing the C$40 billion market for debt that carried the highest credit ratings, after losses from home loans to people with poor credit histories roiled global credit markets.
Coventree Can't Pay
That left Baffinland and other investors in the lurch because 17 funds run by finance companies including Toronto- based Coventree Inc., Newshore Financial Corp. and Quanto Financial Corp., couldn't raise money to pay back lenders, according to ratings company DBRS Ltd.
Coventree managed C$16 billion in commercial paper funds with the highest ratings.
The funds run by companies such as Coventree paid interest of about 4.6 percent for 30 days, compared with three-month Canadian government bills that yielded 4.35 percent. The debt is backed by mortgages, corporate bonds, and car loans that typically yield as much as 1 percentage point more than commercial paper, according to Colin Kilgour, president of Connor Clark & Lunn Wholesale Finance, the structured credit and securitization unit of Connor Clark & Lunn Financial Group.