Wednesday, August 22, 2007

Table European Conduits / SIV

The FT has a good table about the size and exposue of the conduits that had let to the bailouts of Landesbank Sachsen / Ormund Quay and IKB / Rhineland

Die FT hat eine gute Übersicht über die Größe und die Zusammensetzung der einzelnen Conduits die z.B. bei der Landesbank Sachsen / Ormund Quay und IKB / Rhineland ohne staatliche Hilfe zum Zusammenbruch geführt hätte.

Now HBOS has to provide liquidity to their conduits HBOS, the latest ABCP victim, insists it will weather this squall

Nun sieht es so aus als wenn auch die britische Großbank HBOS für Ihre Conduits einspringen muß HBOS, the latest ABCP victim, insists it will weather this squall

bigger / größer

When you compare the size of the balance sheet it is getting more obvious how megalomaniac the exposure from the Sachsen LB and the other Landesbanken is/were. The Sachsen LB has a balace sheet of just over 67 billion € and conduits between 13-17 billion €.....

Vergleicht man aber hier die Bilanzsummen von Sachsen LB und der HBOS wird schnell deutlich welch großes Rad die Landesbank und die Landesbanken generell hier gedreht haben und wohl auch immer noch drehen. (Sachsen LB Bilanzsumme ist 67 Mrd €, Conduit 13-17 Mrd € )!!!!

Hat tip to the reader that has provided the link!
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Blogger jmf said...

Solent, Avendis Fund Ratings Slashed to Junk by S&P

S&P cut the rankings on $3.2 billion debt issued by funds run by Solent Capital Partners LLP and Avendis Group by as much as 17 levels to CCC, eight steps below investment grade.

The four funds are known as SIV-Lites, a form of structured investment vehicle. SIVs aim to make money by borrowing in the commercial paper markets and investing in longer-dated assets, usually asset-backed securities and bonds sold by banks.

SIV-Lites differ from SIVs because they have a fixed maturity date. The funds are similar to collateralized debt obligations, securities that pool bonds, loans and other debt and use their income to pay investors.

4:33 AM  
Blogger jmf said...

Conduits in the UK

The biggest absolute exposure is US$40bn at HSBC. The biggest relative to core capital is Lloyds TSB’s US$25bn conduit, which would cut 45bp off the tier 1 ratio. We continue to believe that if others have to follow HBOS’s example then it is a nuisance rather than anything much worse. UK banks look cheap but are likely to remain unloved for the time being.

5:13 AM  
Anonymous Anonymous said...

Good Job! :)

6:56 AM  

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