Tuesday, September 04, 2007

Party Of The Week.....Global ABCP & SIV Summit ‘07

The FT nails it in their piece SIVs, junk and rock n’ roll: Global ABCP summit ‘07. Sarcasm at its best! What an excellent timing.... The "mood" should be just fine.......They should invite the manager from the IKB , Landesbank Sachsen and Barclays as key note speakers...... ;-)

Besten Dank an die FT für dieses Meisterwerk an Sarkasmus.SIVs, junk and rock n’ roll: Global ABCP summit ‘07. Der Zeitpunkt könnte kaum besser sein.... Nach den "Vorkommnissen" der letzten Wochen dürfte dort ne klasse Stimmung herrschen. Ich empfehle zur weiteren Aufheiterung die Manager von IKB , Landesbank Sachsen und Barclays als Hauptredner einzuladen..... ;-) Ever been to One Of Those Parties? You know, the ones more like a wake than the raucous brannigan the shiny invitation promised.

No? Then why not pop along to the 2007 Global ABCP & SIV summit, the [former] glittering jewel in the crown of the financial alchemy party circuit.

This year’s conference has had an “amazing response” say its narcotized organisers, and numbers should be “good”.

As long as everyone can manage to hold down their jobs for another couple of weeks that is.
.....dug out by FT Alphaville are some “notable quotables” from a few months back they might live to regret:

The asset-backed ECP market has now evolved to a primary, stand-alone funding source for the biggest asset backed market players. IMN’s Paris conference brings together the players and the source in a unique two-day interface designed to take advantage of the latest evelopments- Tony M. Gioulis, Head of Securitization UK/Europe, NABCapital

The growth of the European ABCP market is likely to further accelerate significantly in 2008. In addition to the underlying economic conditions, I see recent legal and regulatory developments as positive for this market. We will explore these often complex factors at the Global ABCP and SIVs conference this September. I expect some lively discussion there.- Omar Bolli, Senior Vice President, Head of Asset Backed Finance, Norddeutsche Landesbank Girozentrale

And FT Alphaville’s favourite:

In an environment plagued by subprime related volatility, SIV’s represent a relatively safe haven of stable risk adjusted returns facilitated by structural protections designed to withstand and effectively respond to market vagaries.- Kumar Tangri, Principal, Eiger Capital

To quote Jeff Matthews "I´m not making this up"

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Blogger jmf said...

State Street
would also qualify for the key not speaker...

9:59 AM  
Anonymous Anonymous said...

"We don't see any reason to sell and believe the shares continue to hold value," Barron's said in its September 3 edition.

Ahem. Well, if I may be so bold, this is EXACTLY THE FUCKING PROBLEM -- what you "don't see". Which, on my planet, is a reason to sell the stock in the current climate surrounding the financials, where the next ugly surprise is just around the corner, and you could lose heavily before you have a chance to react. It's not like there aren't decent alternative investments out there -- for gosh sakes even cash would be better.

Absolut Wahnsinn.


11:28 AM  
Blogger jmf said...


the stock market has lost the "leading indicator" touch long ago.

The discounting from bad news is out of favour....

The opposite is true when it comes to good news.... :-)

Best example are the builders and the REITs.

Just a year ago or a few month ago (REITs) at ath.

At the same time fundamentals were so weak and valuations so high .....

I´ve learned (the hard way) that it´s always good to loock how the market react to the news and not the news itself...

10:39 PM  
Anonymous Anonymous said...

I´ve learned (the hard way) that it´s always good to loock how the market react to the news and not the news itself...

Ja, ich kenne das Gefühl. Guter Rat, allerdings.


10:57 PM  
Blogger jmf said...

Citigroup reportedly has $100 billion in SIVs

2:38 AM  
Anonymous Anonymous said...


Orwellian PRnewspeak at its best...

"Scrutinize don't sell!" = Buy don't scrutinise?

"Concerns "overdone"!" = We like it bloody!!!

"We are awash with liquidity." = We are drowning

"SIV" = "stricken investment vehicles"

"If we stay stuck, the patient is going to die,”...


3:29 AM  
Blogger jmf said...

Nice rant!

Bad PR from Down Under

National Australia Bank has had to take A$6bn of conduit-related loans onto its balance sheet after problems in the ABCP market cut off the usual supply of financing. According to Dow Jones, NAB’s chief financial officer Michael Ullmer will tell a UBS investment conference in London that the bank expects to see about A$11bn of these assets migrate to its balance sheet by the end of September.

And, quoting directly from the Cheery PR Guide to Complex Financial Crises, a spokesman told the newswire:

So whilst this wasn’t a predicted event, it isn’t an event that causes us any concern.
All the assets are rated AA- or higher and the impact on NAB’s core capital ratios will be minimal, the spokesman added.

We aren’t concerned about the credit quality of the assets coming on board because they are subject to our normal credit processes and of course we have done a lot of work to diversify our funding over the years so we are in a strong funding position.

3:43 AM  

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