Pubblicato da: Massimiliano Neri | 31 luglio 2008

Definizione di “Bond Fund run”

Estate, tempo di pulizie e ordine.

Aggiungo postuma una notizia di diversi mesi fa’, per due ragioni: lasciare una traccia degli eventi che questo blog vuole raccontare e abbinarla alle notizie di ulteriori bank run che avvengono in questi giorni e che avverranno nei prossimi tempi.

In breve, lo scorso 11 marzo 2008, la filiale neozelandese di ING blocco’ i prelievi su due fondi che investivano in CDO (Collaterzed Debt Obligations). Ricordiamo che i CDO, assieme alle MBS (Mortgage-Baked Securities), sono stati i principali veicoli di cartolarizzazione, la cui malagestione (incorretta valutazione del rischio) ha portato al credit crunch attuale.

Ecco la notizia riportata su Bloomberg:

March 12 (Bloomberg) — ING (NZ) Ltd. suspended withdrawals from two funds that own collateralized debt obligations, saying they are being affected by the global “credit crunch.”

Withdrawals from the ING Diversified Yield Fund and the ING Regular Income Fund were halted to protect investors, Marc Lieberman, chief executive officer of ING (NZ) in Auckland, said in an e-mailed statement. About NZ$520 million ($417 million) was invested in the two funds at the end of February.

Since August, rising defaults on U.S. subprime mortgages triggered a global sell-off of CDOs, which are fixed-income securities backed by the loans. The value of the Regular Income Fund fell 25 percent in the year ended Feb. 29 while the Diversified Yield Fund dropped 22 percent, according to the company’s Web site.

Prices are falling amid nervousness in global investment markets and as more investors attempt to withdraw their money, Lieberman said.

“The decision to suspend withdrawals is a prudent action that seeks to protect the interests of investors,” he said. “Continuing to allow withdrawals to satisfy a minority of investors could significantly reduce the overall quality and value of the portfolio to the detriment of all.”

ING would have to consider selling better quality assets to meet further withdrawals. The suspension is effective March 13.

Lieberman said the decision isn’t an indication of the quality of the funds, which have less than 10 percent of assets in the subprime sector and 6 percent of the CDO portfolios experiencing any credit impairment.


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