Asia Pacific Exposure to Subprime (Sept 4, 2007)

[HenryTo]

Following courtesy of Reuters:
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FACTBOX-Asia-Pacific exposure to U.S. subprime woes

Tue Sep 4, 2007 1:07 AM ET

Sept 4 (Reuters) - Concern over potential losses linked to the U.S. subprime mortgage crisis have seen a number of Asian firms state the extent of their exposure, which is mostly through holdings of structured products such as collateralised debt obligations (CDOs) and asset-backed securities (ABS).

Below is a list of the companies and fund managers in the Asia-Pacific region that have reported being affected by the U.S. subprime meltdown or the ensuing turmoil in global credit markets.

Aug 29

BASIS CAPITAL

Australian hedge fund manager Basis Capital's Basis Yield Alpha Fund files for bankruptcy protection in the United States amid mounting losses from U.S. subprime mortgage assets. [ID:nN29335950] [ID:nHKG146746]

Aug 26

CHINA CONSTRUCTION BANK <0939.HK>

One of the country's four big state lenders, China Construction Bank said it held $1.062 billion worth of U.S. subprime mortgage loan-backed securities at the end of June and expects the holdings to have "limited impact" on its operating results for the year. It set aside 139 million yuan (US$18.37 million) to account for potential losses. [ID:nHKG356464]

Aug 24

CATHAY FINANCIAL <2882.TW>

Taiwan's largest financial holding company said it has about $100 million in CDOs exposed to the U.S. subprime market, although it has not yet incurred any losses on the investments. [ID:nTP308550]

DBS GROUP HOLDINGS <DBSM.SI>

Singapore-based DBS, Southeast Asia's biggest bank, confirmed it has $1.6 billion in CDO holdings -- nearly double the direct exposure it previously declared. [ID:nSIN9252]

Aug 23

BANK OF CHINA <3988.HK> and BOC HONG KONG <2388.HK>

State-lender Bank of China and its Hong Kong subsidiary, BOC Hong Kong, reported exposure of $9.65 billion and $1.6 billion, respectively, to U.S. subprime mortgage-related assets, sending shares in both firms lower. [ID:nHKG273224]

INDUSTRIAL AND COMMERCIAL BANK OF CHINA <1398.HK>

Beijing-controlled ICBC, the world's largest lender by market value, said it holds $1.23 billion in mortgage-backed securities. [ID:nHKG166060]

Aug 16

RAMS HOME LOANS GROUP <RHG.AX>

Shares in Australian mortgage lender RAMS Home Loans Group Ltd plunged 60 percent after it failed to refinance $5 billion in debt due to a credit squeeze in the United States. The stock closed down 36 percent. [ID:nSYD33571]

Aug 15

BASIS CAPITAL

Australian hedge fund Basis Capital said that losses at one of its funds may exceed 80 percent because of further credit deterioration, extending a July warning that some investors could receive less than 50 cents to the dollar. [ID:nSYD23615]

Aug 14

SUMITOMO MITSUI FINANCIAL GROUP INC <8316.T>

Japan's No. 3 bank said it booked a loss of "billions of yen" in the April-June quarter through its sale of 350 billion yen (US$2.99 billion) worth of mortgage-backed securities. [ID:nT165953]

MITSUBISHI UFJ FINANCIAL GROUP <8306.T>

Japan's Mitsubishi UFJ, the world's biggest bank by assets, said it booked an appraisal loss of 5 billion yen on investments related to the subprime loan market. It said its outstanding balance of investment in such products was 280 billion yen as of July. [ID:nT142334]

RAMS HOME LOANS GROUP LTD <RHG.AX>

Australian mortgage lender RAMS said its earnings could be hit if global credit markets remain volatile, sending its shares as much as 32 percent lower. [ID:nSYD306996]

Aug 8

SHINSEI BANK LTD <8303.T>

Japan's Shinsei Bank said it wrote down $29 million in assets due to problems in the U.S. housing loan market and that its total exposure to the market was less than $500 million.

Aug 7

UNITED OVERSEAS BANK <UOBH.SI>

Singapore's second-biggest lender said is made some provisions for its exposure to collateralised debt obligations (CDO). The bank said it had total CDO investments of S$392 million and that provisions of S$34 million had been made as of end June. Further mark-to-market losses of S$15 million are expected as at end July, it said. [ID:nSGC000802]

For a list of Singapore banks' exposure to the CDO market, click on [ID:nSIN220059]

Aug 3

MITSUBISHI UFJ FINANCIAL GROUP

Japan's biggest lender, the most exposed of the country's three top banks to the U.S. subprime market, said it had about 300 billion yen in related instruments, mainly asset-backed securities, as of mid-July. [ID:nHKG34559]

SHIN KONG FINANCIAL <2888.TW>

The company, which operates Taiwan's second-biggest life insurer, said about one-third of its T$10.53 billion (US$32 million) in asset-backed securities (ABS) holdings are related to U.S. subprime mortgage products. [ID:nTP41073]

Aug 2

TAIWAN LIFE INSURANCE <2833.TW>

The company said it posted a T$428 million loss due to an investment in the Bear Stearns <BSC.N> High Grade Credit Strategies Fund. [ID:nTP348015]

Aug 1

MACQUARIE BANK <MBL.AX>

Australia's biggest investment bank said retail investors in two of its of debt funds face losses of up to 25 percent. It said the funds had invested in securitised loans and had no direct exposure to U.S. subprime mortgages. [ID:nSYD14012]

July 26

ABSOLUTE CAPITAL

Australian hedge fund manager Absolute Capital, half-owned by ABN AMRO <AAH.AS>, suspended withdrawals in two funds with a combined A$200 million (US$164.7 million) in assets because of difficulty offloading investments in CDOs. [ID:nSP205623]

July 25

NOMURA HOLDINGS <8604.T>

Japan's biggest brokerage said it may pull out of the U.S. mortgage market and booked a quarterly loss of 34.3 billion yen at its U.S. unit, on top of a 39.3 billion yen deficit in the previous quarter. [ID:nT251973]

July 19

BASIS CAPITAL

Australian hedge fund Basis Capital warned investors in the $2 billion hedge fund they may get only half their money back and appointed accountants to manage the sale of assets after heavy losses in the U.S. subprime mortgage market, according to media reports. [ID:nSYD108631]

For a FACTBOX on European exposure to the U.S. subprime market please double click on [ID:nL30922915]

For a FACTBOX on U.S. financial services firms' exposure to mortgages please double click on [ID:nN08351582]

[rffrydr]

Basis Capital "makes it":


http://ftalphaville.ft.com/blog/2007/12/18/9701/basis-yield-alpha-fund-to-pay-up/
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Today is the Tomorrow you worried about Yesterday!

[rffrydr]

The power of metphor strikes again, HK "subprime."

http://www.marketwatch.com/news/story/subprime-chill-dampens-festive-spirit/story.aspx?guid=%7B253AC265%2D2C36%2D4880%2DBD8A%2D69A605FA4649%7D



Of course this has next to nothing to do with subprime and everything to do with "looking down."
_________________
Today is the Tomorrow you worried about Yesterday!

[rffrydr]

They want more:

http://www.ft.com/cms/s/0/cd558a76-7b96-11dc-8c53-0000779fd2ac.html
_________________
Today is the Tomorrow you worried about Yesterday!