Banks, Funds Agree to Fund Canadian Commercial Paper Issuers

ABN Amro, Deutsche Bank AG and eight other banks and pension funds agreed to buy asset-backed commercial paper in Canada to ease a credit crunch in the C$120 billion ($112 billion) market.

The group of lenders signed an agreement today in Montreal, according to a Canada NewsWire statement. The group agreed to convert the commercial paper to floating rate notes, and will roll over their maturing commercial paper for 60 days.

The group also includes the Caisse de Depot et Placement du Quebec, Desjardins Group, HSBC, PSP Investments, Merrill Lynch & Co. and UBS AG. DBRS was present for the discussions.

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- Posted: 2007-08-16 09:36:26

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