search   Knowledge Bank printable version
 News
 Knowledge Bank
 Deal Information
 International
 Software
 Publications
 Industry Events
 Advocacy Forums
 Links
 Site Utilities
 Contributors
 Free Offers
 Home

Click here to
Update Registration
Information

Please be advised that the use of Securitization.net ®
is subject to the
Terms & Conditions

of use and the
Privacy Policy

Download

Best viewed in

Knowledge Bank > Rating Criteria > Commercial Paper
Select an area


Special Extended free trial for site members.

Panterra's ABCP Roar is Snuffed
Asset Securitization Report--SourceMedia (December 10, 2007)

Felipe Ossa

Panterra Funding, an ABCP with a good deal of exposure to emerging markets, has ceased issuance and repaid all its paper as of the end of November, Moody's Investors Service said in a brief statement. Moody's had rated it Prime-1', and Fitch Ratings, F1.'

Administered by Citicorp North America, Panterra had $2.4 billion of outstanding commercial paper at the end of September. The conduit was backed by 18 transactions and had asset commitments of $3.6 billion at the end of July. At least through mid summer, the majority of the deals were from emerging markets, and within that category, the bulk were financial future flows - namely, diversified payment rights (DPR) (ASR, 7/30/07). A Citibank source declined to comment.

The only other ABCP known for its exposure to EM structured deals is Orchid Funding, administered by ABN AMRO. Sources close to Orchid said the conduit was still functioning. One market source said that ABN was understood to have dropped a portion of a recent $750 million DPR transaction from Kazakhstan's Bank TuranAlem (BTA) into Orchid. ABN officials have said Orchid also serves as a warehousing facility and can be used to fund assets in emerging-market currencies as well as dollars, with currency hedging built into the programs structure. ABN recently closed a $200 million mortgage facility for a unit of BTA. The facility was open to funding loans in either dollars or tenge. ABN officials couldn't be reached for comment.

At the end of September 2007, the CP outstanding of Orchid totaled $963.7 million backed by 12 transactions. In May Orchid had $2.27 billion of CP.

While Panterra's withdrawal from the EM market is likely to further disappoint market-challenged arrangers and originators of EM future flows, there was a drop of good news last week for at least one player in the sector. Moody's upgraded the Series 2006-A loan for ATF Bank arranged by WestLB in April 2006. The $100 million transaction, backed by DPRs, was bumped up to Baa2' from Baa3' following the agency's upgrade of ATF's unsecured debt a few weeks back.

(c) 2007 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.
http://www.asreport.com
http://www.sourcemedia.com

 

 

© Copyright 2014. The Mayer Brown Practices. All rights reserved.

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

Legal Notices | Attorney Advertising | Site Index | Contact Webmaster

*The site links listed on this web site are for reference use only.
The firm does not necessarily sponsor, endorse or verify the accuracy of the content contained in any of these sites.