Investment Bank Misled ABCP Investors, Says Canadian Regulator

The Ontario Securities Commission has ruled that Coventry, a Toronto-based, investment bank, violated securities laws by misleading investors in 2007 about weaknesses in the asset-backed commercial paper market.

  • 28 Sep 2011

The Ontario Securities Commission has ruled that Coventry, a Toronto-based, investment bank, violated securities laws by misleading investors in 2007 about weaknesses in the asset-backed commercial paper market. Coventry is in the process of winding down, and two of its executives face a sanctions hearing.

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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1 Citi 58,403.50 191 10.75%
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3 Bank of America Merrill Lynch 41,109.55 134 7.57%
4 Wells Fargo Securities 40,627.46 119 7.48%
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