August 22, 2007 / 11:13 AM / 12 years ago

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 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
                                    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
 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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