A friend going by the name AeroFool pinged me with the following Email this morning:
Perimeter started their online bidding marketplace for Canadian ABCP which has been locked up. There haven’t been any transactions yet, but you can see what bids are on the dollar – currently .50-.60 on the dollar, so this provides a nice window of insight into what’s happening in this particular market that we would not otherwise have any visibility into.
click on chart for a sharper image
As you can see pricing data is only starting to trickle in. The above is only a partial table but those are the only current bids.
The Canadian ABCP market was a $40 billion market. Judging from the preliminary results, it is perhaps now a $20+- billion market. For more on who is affected and how, see Global Credit Crisis Canadian Style and Minyan Mailbag: Money Frozen In Yukon.
Mike Shedlock / Mish
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