Transat Holds $154 Mln In ABCP

  • 23 Aug 2007
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Transat, the Montreal based tour operator, announced yesterday that almost half of its available cash position is invested in the asset-backed commercial paper market. Of the $340 million in available cash, $154 million is invested in 10 ABCP trusts, some of which are managed by Coventree Capital Group. Ninety percent of Transat’s ABCP investment received the highest rating, R1-High, from DBRS. “The said asset-backed commercial paper are securities that met the criteria of Transat's investment policy and were purchased on the basis of professional advice from National Bank of Canada,” Transat said in a news release. ABCP that matured on August 21 worth $15 million has not been repaid. Maturity dates on the paper range through until Jan. 29, 2008.
  • 23 Aug 2007

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1 Citi 8,649 25 10.90
2 Bank of America Merrill Lynch (BAML) 8,597 25 10.83
3 Lloyds Bank 5,252 18 6.62
4 JP Morgan 5,195 12 6.54
5 Morgan Stanley 5,011 12 6.31

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