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 State Street Corp in Boston has $22 billion exposure. |
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
BOSTON (MarketWatch) -- State Street Corp. has exposure to $22 billion of asset-backed commercial paper conduits, the types of assets that have caused problems at European banks, according to a report Tuesday in The Times of London newspaper.
The Boston-based company (STT) has credit lines to at least six conduits that account for 17% of all assets, the highest exposure to conduits of any European or American bank, the report said, citing regulatory filings.
State Street's shares slipped 3% in afternoon dealings.
In a statement, a State Street spokeswoman said the credit quality of the conduit assets is "very good," while the commercial paper "continues to be sold daily" and that the company "continue[s] to actively monitor market developments."
European banks such as Sachsen LB and IKB Deutsche Industriebank of Germany, which ran companies called conduits that aren't reported on the balance sheet, have also been hit by the credit crunch.
The conduits issued short-term paper and then reinvested the proceeds in higher-yield, longer-term debt -- such as the residential mortgage-backed securities that have declined due to problems in the U.S. housing market.
Sachsen was forced to sell itself this week after an investment soured in a hedge fund that had exposure positions in riskier U.S. mortgages. See previous story.
British bank HBOS has said it will cover the maturing debt of conduit Grampian until pricing improves in the market for commercial paper, which companies sell to finance short-term credit needs.
The difficulties highlight how far the pain that started in subprime mortgages has spread into global credit markets. Investors have been trying to get a handle on the potential fallout for banks from off-balance-sheet conduits with investments in the U.S. mortgage market.
Also Tuesday, the Financial Times reported that British bank Barclays (BCS) may have an exposure of "several hundred million dollars" from its link to Sachsen.
The newspaper, citing unnamed people familiar with the matter, reported that Barclays had provided backup financing to one of four vehicles Barclays Capital set up for the German bank.
Barclays Capital denied that it has heavy exposure to the investment vehicles, Dow Jones Newswires reported on Tuesday.
Separately, the Boston Globe reported Tuesday that an institutional bond fund managed by State Street's investment arm lost about 37% of its value during the first three weeks of August amid credit market woes. The fund may be facing losses from investments in mortgage-related securities which were heightened by leverage, according to the report.
The newspaper, citing an investor who has seen the returns of State Street Limited Duration Bond Fund, said the fund was down 42% for the one-year period ended Aug. 21.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 State Street Corp in Boston has $22 billion exposure. -- ceo/cfo - (2888 Byte) 2007-8-29 周三, 02:36 (1062 reads)
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