Back from the Brink : Lessons from the Canadian Asset-Backed Commercial Paper Crisis

Author/Creator:

Halpern, Paul, author

Publication/Creation:

Toronto : University of Toronto Press, [2018]

Resource Type:

Book

More Details

Additional/Related Title Information

Full Title:

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

Series Titles:

Rotman-UTP Publishing

Related Names

Additional Author/Creators:

Cakebread, Caroline, author
Nicholls, Christopher C., author

Subjects/Genre

Subjects:

Asset-backed financing--Canada
Banks and banking--Canada
Negotiable instruments--Canada
Capital market--Canada
Investments--Canada
Financial crises--Canada
Global Financial Crisis, 2008-2009

Description/Summary

Table of 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.

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."--

Language:

English

Language Note:

In English.

Physical Type/Description:

1 online resource (268 p.)

Additional Identifiers

Catalog ID (MMSID):

9936947192602486

ISBN:

1-4426-9011-9
1-4426-1101-4

OCLC Number:

951976046

Other Identifiers:

doi: 10.3138/9781442690110