Franklin

Back from the Brink : Lessons from the Canadian Asset-Backed Commercial Paper Crisis / Paul Halpern, Caroline Cakebread, Christopher C. Nicholls, Poonam Puri.

Author/Creator:
Halpern, Paul author., Author,
Publication:
Toronto : University of Toronto Press, [2018]
Format/Description:
Book
1 online resource (264 p.) : 10 figures
Subjects:
Asset-backed financing -- Canada.
Banks and banking -- Canada.
Capital market -- Canada.
Financial crises -- Canada.
Global Financial Crisis, 2008-2009.
Investments -- Canada.
Negotiable instruments -- Canada.
Local subjects:
DISCOUNT-C. (search)
Language:
In English.
System Details:
Mode of access: Internet via World Wide Web.
text file PDF
Summary:
As global markets toppled during the 2008 financial crisis, the Canadian market for non-bank asset-backed commercial paper (ABCP) seemed on the verge of collapsing. Fueled by a top rating from DBRS, ABCP had found its way into the portfolios of some of Canada's most sophisticated investors as well as vulnerable retail investors who didn't know what they were holding.The failure of the 2 billion market could have tipped Canadian and foreign credit default swap markets into chaos if it weren't for the swift actions of a few powerful asset holders. Collectively, through the Montreal Accord and led by veteran Canadian lawyer Purdy Crawford, they managed to hold the Canadian ABCP market back from the brink of collapse by crafting a complex and innovative solution.Back from the Brink goes behind the scenes of the ABCP crisis to examine how a solution was reached and lessons learned that could prevent or mitigate future crises. The authors also examine the imaginative use of the Companies' Creditors Arrangement Act and describe the roles played by the banks, the major investors, rating agencies, and the financial regulators in the crisis's origins and conclusions. Back from the Brink holds important lessons for anyone interested in Canadian law, the future of complex investments, and Canada's capital markets.
Contents:
Frontmatter
Contents
Preface
Acknowledgments
Introduction
Part One. The Abcs Of A Crisis
Chapter One. The Day Montreal Stood Still
Chapter Two. Not A Regional Problem
Chapter Three. Enter Purdy Crawford
Part Two. The Art Of The Possible: Hammering Out A Deal
Chapter Four. A Proposal Is Born
Chapter Five. Putting It Back Together Again
Chapter Six. Selling The Deal
Chapter Seven. The Plan Gets Approved
Chapter Eight. It Almost Falls Apart
Part Three. Abcp Afterlife: How Has The Market Performed?
Chapter Nine. Evolution Of A Liquid Market
Chapter Ten. Regulatory Fallout
Part Four. Conclusions
Chapter Eleven. Winners And Losers In The Abcp Debacle
Chapter Twelve. Lessons Learned
Notes
Index
Notes:
Description based on online resource; title from PDF title page (publisher's Web site, viewed 21. Dez 2019)
Contributor:
Cakebread, Caroline, author., Author,
Nicholls, Christopher C., author., Author,
De Gruyter.
Contained In:
De Gruyter University Press Library.
ISBN:
9781442690110
Publisher Number:
10.3138/9781442690110 doi
Access Restriction:
Restricted for use by site license.
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