The Bank of Montreal and National Bank of Canada may face writedowns as high as C$500 million ($513.36 million) each, according to an analyst at Scotia Capital, reports Bloomberg News. Both banks face losses on commercial paper holdings but the Bank of Montreal’s losses may also be tied to investments tied to structured investment vehicles. Analyst Kevin Choquette also said that exact loss amounts are “difficult to ascertain.” Some commercial paper has weakened amid a downturn in the U.S. mortgage market.
Promoted By Deloitte & IDA Ireland
Promoted By Euromoney Country Risk
Read the magazine on your mobile device
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||3,319||10||12.84|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||37,631.92||109||11.85%|
|3||Wells Fargo Securities||32,082.26||89||10.11%|