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

Format:

Book

Author/Creator:

Halpern, Paul, Author.

Cakebread, Caroline, Author.

Nicholls, Christopher C., Author.

Series:

Rotman-UTP Publishing

Language:

English

Subjects (All):

Asset-backed financing--Canada.

Asset-backed financing.

Banks and banking--Canada.

Banks and banking.

Negotiable instruments--Canada.

Negotiable instruments.

Capital market--Canada.

Capital market.

Investments--Canada.

Investments.

Financial crises--Canada.

Financial crises.

Global Financial Crisis, 2008-2009.

Canada.

Global Financial Crisis (2008-2009).

Genre:

Libros electronicos.

Physical Description:

1 online resource (268 p.)

Place of Publication:

Toronto : University of Toronto Press, [2018]

Language Note:

In English.

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 $32 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."-- Provided by publisher.

Contents:

Introduction Part 1. The ABCs of a Crisis. Chapter 1: The Day Montreal Stood Still

Chapter 2: Not a Regional Problem

Chapter 3: Enter Purdy Crawford.

Part 2. The Art of the Possible: Hammering Out a Deal. Chapter 4: A Proposal Is Born

Chapter 5: Putting It Back Together Again

Chapter 6: Selling the Deal

Chapter 7: The Plan Gets Approved

Chapter 8: It Almost Falls Apart.

Part 3. ABCP Afterlife: How Has the Market Performed? Chapter 9: Whither a Liquid Market

Chapter 10: Regulatory Fallout.

Part 4. Conclusions. Chapter 11: Winners and Losers in the ABCP Fiasco

Chapter 12: Lessons Learned.

Notes:

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 21. Dez 2019)

ISBN:

1-4426-9011-9

1-4426-1101-4

OCLC:

951976046