Board-Ansicht
Mix-Ansicht- FORD und seine ABCPs - SUCRAM, 09.11.2007, 13:23
- Wer's mag...hier der komplette Bericht...gestern veroeffentlicht - SUCRAM, 09.11.2007, 13:47
FORD und seine ABCPs
-->Interessante Stelle aus dem III. Quartalsbericht von Ford:
"Consistent with the overall market, Ford Credit was impacted by volatility in the asset-backed commercial paper market during the third quarter of 2007. As a result, Ford Credit's FCAR asset-backed commercial paper program issued a majority of its commercial paper with overnight maturities and at higher costs for a period of several weeks in late August 2007 and early September 2007. To temporarily reduce the FCAR commercial paper outstanding (by about $3 billion), Ford Credit elected not to sell additional asset-backed securities to FCAR and called several pools of receivables backing asset-backed securities owned by FCAR. Ford Credit has also experienced higher costs for several of its other committed liquidity programs as well as its public and private issuances. During the third quarter of 2007, Ford Credit experienced about an $800 million reduction in its committed liquidity programs as part of its annual renewal processes.
Reductions in market capacity for the types of asset-backed commercial paper used in Ford Credit's asset-backed funding could result in increased risk to its available funding sources, particularly in the United States, Europe, and Canada, which are its largest markets for asset-backed funding. As a result, Ford Credit may need to reduce the amount of receivables and operating leases it purchases or originates. A significant reduction in Ford Credit's managed receivables would reduce its ongoing profits, and could adversely affect its ability to support the sale of Ford vehicles"
Der Ansatz dieser Verluste ist im III. Q. bisher nur im kleinen Umfang erfolgt (um die 1,3 Mrd USD), man kann sich also noch ueberraschen lassen.
Der"Capacity and Cash" Posten von Ford hat sich uebrigens seit Anfang 2007 um mehr als 17 Mrd. USD verringert. Jetziger Stand: 67,6 Mrd USD, davon sind 17 Mrd ABCPs! Interressant dazu die Fussnote:"These amounts exclude programs that are dependent on extendible asset-backed commercial paper, including its Motown Notes (6 Mrd USD! d.V.) program and $1.4 billion of committed liquidity programs, for which there is presently a lack of investor demand."
Daran sieht man, wie auch Unternehmen der"Real-Wirtschaft" in die ganze CP Geschichte verstrickt sind.
Gruss
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