Andrew Kresse, JPMorgan on New ABCP Restructured Notes - CMI Seminar Toronto 01212009

The Capital Markets Institute Seminar was entitled "ABCP Crisis: Resolution and Impact on Capital Markets." It took place on January 21, 2009 at the St. Andrew's Club in Toronto, Ontario, Canada. JP Morgan was the financial advisor to the Pan Canadian Investors Committee. JP Morgan is being paid fees of $100 million for its work on the Canadian non bank asset-backed commercial paper restructuring. $32 billion of short term ABCP that no-one would buy in August 2007 has been converted into new notes with maturity in 2017 that are effectively in run-off, since it is mainly vulture funds who are willing to buy these new long term notes at distressed prices.

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News & Politics

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• securities
• Canada
• structured credit