Toronto-based Coventree, Canadas largest issuer of non-bank asset-backed commercial paper, will lay off 30% of its workforce and close an office in Denver, reports Bloomberg News. The company reported having 76 employees on June 30, so the announcement likely means about 25 people will lose their jobs. The cuts follow the companys inability to find buyers for 73% of the C$4.8 billion ($4.73 billion) in debt that matured during the past month and will cost Coventree about C$1 million ($985,331) in the fourth quarter.
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|Rank||Lead Manager/Arranger||Share % by Volume|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||11,897.40||33||11.83%|
|2||Bank of America Merrill Lynch||9,837.56||29||9.78%|