FACTBOX-European ABCP conduits sponsored by banks
Aug 22 (Reuters) - Problems in raising short-term funding have thrown the spotlight on the asset-backed commercial paper (ABCP) conduits set up in Europe by banks, mostly to invest in longer-term high-quality securities. Germany's IKB (IKBG.DE: Quote, Profile, Research, Stock Buzz) and Sachsen LB have had to raise emergency loan packages after their conduits ran into trouble. British bank HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) on Tuesday said it would repay maturing ABCP under its Grampian programme rather than pay unacceptable funding costs.
The following is a list of outstanding bank conduits rated by Moody's Investors Service, with ABCP issued as of the end of May 2007:
Sponsor ABCP, $ bln Conduits HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) 41.76 Grampian Funding
Landale Funding ABN AMRO AAH.AS 39.89 Amstel Funding
Tulip Funding
North Sea Funding HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) 31.69 Solitaire Funding
Regency Markets No. 1 ING Bank (ING.AS: Quote, Profile, Research, Stock Buzz) 31.67 Simba Funding
Mane Funding
Mont Blanc Capital Fortis Bank (FOR.AS: Quote, Profile, Research, Stock Buzz) 26.48 Scaldis Capital Lloyds TSB (LLOY.L: Quote, Profile, Research, Stock Buzz) 22.83 Cancara Asset
Securitisation Rabobank [RABN.UL] 20.80 Atlantis Funding
Erasmus Capital
Tempo Finance IKB (IKBG.DE: Quote, Profile, Research, Stock Buzz) 18.37 Rhineland Funding Capital Landesbank Sachsen 18.11 Ormond Quay Funding Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) 15.45 Rheinmain Securitisation
Rheingold Securitisation
Bills Securitisation Royal Bank of Scotland 13.85 Thames Asset Global (RBS.L: Quote, Profile, Research, Stock Buzz) Securitization No. 1 JP Morgan Chase (JPM.N: Quote, Profile, Research, Stock Buzz) 12.31 Chariot Funding Calyon (CAGR.PA: Quote, Profile, Research, Stock Buzz) 10.31 LMA
European Sovereign
Funding Commerzbank (CBKG.DE: Quote, Profile, Research, Stock Buzz) 9.45 Kaiserplatz Funding LBBW 9.00 Lake Constance Funding WestLB [WDLG.UL] 8.45 Compass Securitisation Dresdner Bank (ALVG.DE: Quote, Profile, Research, Stock Buzz) 7.94 Silver Tower Funding Bayerische Landesbank 7.37 Giro Lion Funding Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz) 7.08 Antalis HSH Nordbank 6.87 Poseidon Funding Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz) 6.73 Cantabric Financing BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) 6.51 Matchpoint
Thesee
Eliopee KBC Bank (KBC.BR: Quote, Profile, Research, Stock Buzz) 5.93 Picaros Funding
Quasar Securitisation HypoVereinsbank HVMG.DE 4.31 Arabella Funding
Salome Funding DZ Bank 4.02 Coral Capital Ixis CIB (CNAT.PA: Quote, Profile, Research, Stock Buzz) 3.21 Direct Funding National Australia Bank 3.08 CentreStar Capital No. 1 (NAB.AX: Quote, Profile, Research, Stock Buzz) Den Danske (DANSKE.CO: Quote, Profile, Research, Stock Buzz) 2.49 Polonius Bankgesellschaft Berlin 2.19 Check Point Charlie Helaba 1.87 Opusalpha Funding Citibank (C.N: Quote, Profile, Research, Stock Buzz) 1.87 Eureka Securitisation Banca Intesa (ISP.MI: Quote, Profile, Research, Stock Buzz) 1.44 Romulus Funding Nedbank (NEDJ.J: Quote, Profile, Research, Stock Buzz) 1.26 Synthesis Funding Natexis (CNAT.PA: Quote, Profile, Research, Stock Buzz) 1.25 Elixir Funding Investec Bank (INLJ.J: Quote, Profile, Research, Stock Buzz) 0.67 Grayston Conduit 1 Credit Foncier de France 0.61 Securitised Instantly
Repackaged Perpetuals Mitsubishi UFJ 8615.T 0.50 Albion Capital Absa Bank (ASAJ.J: Quote, Profile, Research, Stock Buzz) 0.48 Asset Backed Arbitraged
Securities Unibank (NDA1V.HE: Quote, Profile, Research, Stock Buzz) 0.45 Viking Asset
Securitisation
There are also a small number of specialised non-bank sponsored conduits rated by Moody's; of these the largest are the Ebury Finance ($23.65 billion) and Chesham Finance ($23.50 billion) vehicles set up by BSN Holdings Limited.
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