Canada’s Coventree investment bank has found a buyer for C$600 million ($558.15 million) in asset-backed commercial paper after spending the first two days of the week searching for buyers. The company’s stock more than doubled by Wednesday afternoon after taking a beating the first two days of the week. The company had been trying to sell as much as C$950 million ($883.82 million) in commercial paper the previous day but investors balked amid a global credit crunch caused in part by weakness in the subprime market. Coventree is Canada’s biggest non-bank issuer of ABCP and sells paper likely backed by mortgage loans, car loans and credit cards.
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||6,703||19||10.45|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||67,591.81||167||11.54%|
|2||Bank of America Merrill Lynch||57,568.62||162||9.83%|