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) and Sachsen LB have had to raise
emergency loan packages after their conduits ran into trouble.
British bank HBOS HBOS.L 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 41.76 Grampian Funding
Landale Funding
ABN AMRO AAH.AS 39.89 Amstel Funding
Tulip Funding
North Sea Funding
HSBC (HSBA.L) 31.69 Solitaire Funding
Regency Markets No. 1
ING Bank (ING.AS) 31.67 Simba Funding
Mane Funding
Mont Blanc Capital
Fortis Bank (FOR.AS) 26.48 Scaldis Capital
Lloyds TSB (LLOY.L) 22.83 Cancara Asset
Securitisation
Rabobank [RABN.UL] 20.80 Atlantis Funding
Erasmus Capital
Tempo Finance
IKB (IKBG.DE) 18.37 Rhineland Funding Capital
Landesbank Sachsen 18.11 Ormond Quay Funding
Deutsche Bank (DBKGn.DE) 15.45 Rheinmain Securitisation
Rheingold Securitisation
Bills Securitisation
Royal Bank of Scotland 13.85 Thames Asset Global
(RBS.L) Securitization No. 1
JP Morgan Chase (JPM.N) 12.31 Chariot Funding
Calyon (CAGR.PA) 10.31 LMA
European Sovereign
Funding
Commerzbank (CBKG.DE) 9.45 Kaiserplatz Funding
LBBW 9.00 Lake Constance Funding
WestLB [WDLG.UL] 8.45 Compass Securitisation
Dresdner Bank (ALVG.DE) 7.94 Silver Tower Funding
Bayerische Landesbank 7.37 Giro Lion Funding
Societe Generale (SOGN.PA) 7.08 Antalis
HSH Nordbank 6.87 Poseidon Funding
Banco Santander (SAN.MC) 6.73 Cantabric Financing
BNP Paribas (BNPP.PA) 6.51 Matchpoint
Thesee
Eliopee
KBC Bank (KBC.BR) 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) 3.21 Direct Funding
National Australia Bank 3.08 CentreStar Capital No. 1
(NAB.AX)
Den Danske (DANSKE.CO) 2.49 Polonius
Bankgesellschaft Berlin 2.19 Check Point Charlie
Helaba 1.87 Opusalpha Funding
Citibank (C.N) 1.87 Eureka Securitisation
Banca Intesa (ISP.MI) 1.44 Romulus Funding
Nedbank (NEDJ.J) 1.26 Synthesis Funding
Natexis (CNAT.PA) 1.25 Elixir Funding
Investec Bank (INLJ.J) 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) 0.48 Asset Backed Arbitraged
Securities
Unibank (NDA1V.HE) 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.
