Monday, August 6, 2007

Failed or Impacted Bonds

  • 08-07-2007: Bear Stearns
    Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd. asked for an "orderly liquidation'' in a petition filed in Cayman Islands Grand Court, citing volatility in the subprime mortgage market.

  • 08-07-2007: Alt-A
    Credit rating agency Standard & Poor's said Tuesday it placed 207 classes of mortgage-backed securities issued between Oct. 2005 and Dec. 2006 -- all underpinned by an intermediate type of loan -- on a negative rating watch.

  • 08-06-2007: Frankfurt Trust, ABS-Plus fund
    Includes residential mortgage-backed securities and collateralized debt obligations, halted redemptions on Aug. 3

  • 08-06-2007: Axa Investment Managers, US Bond Fund
    Reported a 13% drop in its value over two days in July

  • 08-06-2007: Fidelity Intermediate Bond Fund
    In March, Ford O’Neil, portfolio manager of the $8.3bn Fidelity Intermediate Bond Fund in the US, reported that the fund’s small exposure to sub-prime, through home equity-backed, asset-backed securities, detracted from performance.

  • 08-06-2007: $1.3bn Fidelity Inflation-Protected fund
    Continues to underperform its peers as a result of its 0.5% exposure to derivatives linked to sub-prime loans.

  • 08-06-2007: Four Corners Capital
    Australia’s Macquarie Bank said two of its retail bond funds, which apply leverage and invest in senior loans, saw a 25% decline in their value. Four Corners Capital
    Management, which manages the funds, was forced to sell loans and use the proceeds to reduce its leverage.

  • 08-03-2007: Union Investment Asset Management, ABS-Invest Fund
    AG, Germany's third-largest mutual fund manager, halted redemptions from its ABS-Invest Fund after clients pulled 100 million euros ($137 million) in the past month.

  • 08-03-2007: Sowood Management
    A hedge fund created with great fanfare by a former executive of Harvard University's $30 billion endowment, has collapsed.

  • 08-03-2007: Bear Stearns Asset Management
    2 Funds bankrupt: High-Grade Credit Strategies fund, High-Grade Structured Credit Strategies Enhanced Leverage Fund

  • 08-03-2007: Jones' Tudor Investment's $9 billion Raptor Fund
    Dropped 9 percent in July when the prices of U.S. stocks exploded lower in the last two weeks of the month.

  • 08-02-2007: Caxton Associates
    Caxton Associates' $3 billion Global Bond Fund dropped just under 3 percent

  • 08-02-2007: Taiwan Life
    Taiwan Life's shares tumbled 4.6 percent to NT$58.60 at the 1:30 p.m. market close in Taipei after it disclosed the NT$428 million ($13 million) loss.

  • 08-02-2007: Cathay Financial Holding Co. and Shin Kong Financial Holding
    Dropped after they revealed holdings of collateralized debt obligations containing subprime home loans.

  • 08-02-2007: Bank of China
    Said it would book an ``insignificant'' loss on U.S. subprime securities, as repercussions ripple outward from a crisis that claimed two Bear Stearns Cos. hedge funds last month.

  • 08-01-2007: Basis Capital Fund Management Ltd. and Absolute Capital Group Ltd.
    Both based in Sydney, froze investor accounts this month because of the subprime mortgage slump.

  • 08-01-2007: Oddo & Cie
    French stockbroker and money manager, plans to close three funds totaling 1 billion euros ($1.37 billion), citing the ``unprecedented'' crisis in the U.S. asset-backed securities market. Oddo said it will wind down the funds within the ``shortest possible time frame'' because of a plunge in prices for collateralized debt obligations, notes backed by other bonds, loans and their derivatives.

  • 07-28-2007: Absolute Capital Group
    Australian hedge fund, suspended withdrawals from two funds after forecasting losses on US mortgages to people with poor credit.

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