Todays Globe and Mail had a front page story on ABCP . ABCP is of course Asset Backed Commercial Paper . The article centered around COVENTREE CAPITAL, who were apparently a major player in the market .
The company is accused of making misleading statements , according to the Globe, to investors who bought these securities . When the ABCP market froze a domino effect happend in the Canadian commerical paper market . I vividly recall meeting with Coventree in the 2004-2005 timeframe and asking them to securitze a transaction which for 20 Million dollars, which I ultimately completed with other parties . The demise of Coventree during last years debt crisis still has an affect on my firm today, as many of our lending partners rely on this type of financing to provide liquidty to the market . Ultimately key players disappeared , rates rose, and credit quality became ' job one '
Stan
http://www.7parkavenuefinancial.com/Home_page.html
Our blog highlights Canadian Business Financing solutions via receivable finance , equipment finance, working capital financing, asset based lending, business acquisition financing,franchise finance, and tax credit monetization via SRED and Film Tax Credits. Our goal is to educate and assist Canadian businesses with their financing needs. You Are Looking For Canadian Business Financing! Welcome to 7 Park Avenue Financial Call Now ! - Direct Line - 416 319 5769
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.