Dec. 3 (Bloomberg) -- WestLB AG, Germany's third-largest state-owned bank,
and Hamburg-based HSH Nordbank AG provided financing to more than $15
billion of troubled investment funds to prevent a fire sale of their
assets.

Ist es aber nicht bisher nur das ABX Segment, welches illiquide ist, weshalb auch die Finanzierungen umstruktiert werden muessen?

Mir sieht es nicht so aus, als koennte man von einer panikartigen Vertrauenskrise im Hypthekenbereich reden?

http://research.stlouisfed.org/fred2/series/REALLN?cid=49

Koennte es sein, dass die underlying assets bei weitem nicht die unterirdische Performance der darauf aufgebauten CDO's rechtfertigen?

15 Mrd für den NRW Steuerzahler, 18 Mrd für den sächsischen, 10 Mrd für den baden-württembergischen. Es wird Zeit, daß die Mussolini-Bilder ins Bewußtsein der Bevölkerung dieser Ausplünderer rücken, die sich gemütlich auf ihren Bauernhof ins Münsterland zurückziehen, wie unser Freund von der SachsenLB (ehemals WestLB).

http://www.manager-magazin.de/koepfe/artikel/0,2828,383009,00.html

Die IKB Fritzen sind auch nicht besser mit ihrem Insiderhandel. In Düsseldorf kann auch er Besuch bekommen:
http://de.wikipedia.org/wiki/Stefan_Ortseifen

Hier aus Bloomberg:

WestLB, HSH Nordbank Bail Out $15 Billion of SIVs (Update3)

By Neil Unmack and Aaron Kirchfeld

Dec. 3 (Bloomberg) -- WestLB AG, Germany's third-largest state-owned bank, and Hamburg-based HSH Nordbank AG provided financing to more than $15 billion of troubled investment funds to prevent a fire sale of their assets.

WestLB provided a credit line for its $11 billion structured investment vehicle called Harrier Finance to repay commercial paper, the Dusseldorf-based bank said in an e-mailed statement today. HSH Nordbank said it will provide backup funding to cover all commercial paper issued by its 3.3 billion- euro ($4.8 billion) Carrera Capital SIV, spokesman Reinhard Schmid said in an interview.

Moody's Investors Service said on Nov. 30 it may downgrade $105 billion of SIVs, the biggest credit-rating cuts since subprime mortgages contaminated the bond market, because of a slump in net asset values. SIVs, companies that use short-term debt to invest in higher-yielding securities, have reduced their assets to $298 billion from $400 billion in August by selling holdings or restructuring, according to Moody's.

``Most SIVs have been working on some form of restructuring to avoid having to sell into a depressed market,'' said Priya Shah, a credit analyst at Dresdner Kleinwort in London. ``We've not seen as much firesale activity as was expected back in the summer.''

Treasury Secretary Henry Paulson has been working with Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., the biggest U.S. banks, to form an $80 billion ``SuperSIV'' fund to help avoid forced sales by buying SIV assets. The Treasury aims to have the master liquidity enhancement conduit, or M-LEC, running by yearend.

Falling Value

``Every day that goes by we are seeing more restructuring and liquidity provision by sponsors,'' Shah said in an interview today. ``The longer M-LEC takes, the less of a need there will be for it.''

HSBC Holdings Plc, the second-biggest manager of the companies, said last week it will bail out its two SIVs by taking on $45 billion of their assets.

By contrast, Citigroup, the largest manager of SIVs, said it will avoid any steps that would force it to consolidate the companies on its balance sheet. The New York-based bank has provided $7.6 billion for its SIVs by buying commercial paper, as of Oct. 31. Citigroup said its SIV assets have dropped to $66 billion from $83 billion on Sept. 30.

The average net asset value of SIVs sponsored by firms including Citigroup declined to 55 percent from 71 percent a month ago, according to Moody's. The NAV is the amount that would be left over for investors if a SIV was forced to sell holdings and repay debt.

Tango Finance

The SuperSIV is ``more likely than not, albeit there's an increasing feeling that it will be there to benefit only a handful of banks, Citigroup obviously among them,'' Royal Bank of Scotland Group Plc analyst Tom Jenkins wrote in a note to clients today.

MBIA Inc., the largest bond insurer, has cut its Hudson- Thames Capital SIV to about $400 million from $2 billion by asking capital note holders, who own the lowest ranking debt, to buy the fund's assets, Chief Financial Officer Chuck Chaplin said last week.

WestLB is helping its Harrier SIV after the bank provided a credit line last month to its smaller Kestrel Funding company, which has $2.9 billion of senior debt.

``WestLB is convinced that it is acting in the best interest of both SIVs and investors,'' it said in the statement.

HSH Nordbank is providing Carrera Capital with a liquidity line, a loan that can be drawn to repay all short-term debt if the company is unable to issue commercial paper. HSH Nordbank, which announced it would restructure the SIV on Nov. 7, had its ratings confirmed by Moody's last week after completing the restructuring, Oliver Schreiber, a senior vice president at HSH Nordbank in Kiel, said in an interview.

Whistlejacket

Rabobank Groep has reduced its SIV ``significantly,'' spokesman Jan-Willem ter Avest in Utrecht, Netherlands, wrote in an e-mailed response to questions today. Rabobank's Tango Finance, with $7.8 billion of debt, faces a possible downgrade on its senior notes, Moody's said on Nov. 30. The company had about $14 billion in July, according to Standard & Poor's.

Tango reduced its assets through ``swaps'' with the holders of 40 percent of its capital notes, ter Avest said.

Standard Chartered Plc is exploring alternative financing solutions for its Whistlejacket Capital Ltd. SIV, London-based spokesperson Tim Baxter said last week in an interview.

Bank of Montreal is working with investors on a ``permanent resolution'' for its SIVs, Yvan Bourdeau, chief executive officer of the Canadian lender's BMO Capital Markets unit said in an analyst conference call last week.

To contact the reporter on this story: Neil Unmack in London at nunmack@bloomberg.net
Last Updated: December 3, 2007 14:26 EST

Bilder bei www.markit.com gehen auch wieder.

Gruß DT

03-Dec-07 Overview
Index Series Version Coupon RED ID Price High Low
ABX-HE-AAA 07-2 7 2 76 0A08AHAD4 72.17 99.33 66.41
ABX-HE-AA 07-2 7 2 192 0A08AGAD6 39.28 97.00 34.67
ABX-HE-A 07-2 7 2 369 0A08AFAD8 30.89 81.94 23.97
ABX-HE-BBB 07-2 7 2 500 0A08AIAD2 21.31 56.61 19.88
ABX-HE-BBB- 07-2 7 2 500 0A08AOAD9 20.69 50.33 18.90
ABX-HE-AAA 07-1 7 1 9 0A08AHAC6 77.36 100.09 68.92
ABX-HE-AA 07-1 7 1 15 0A08AGAC8 47.04 100.09 37.47
ABX-HE-A 07-1 7 1 64 0A08AFAC0 28.33 100.01 24.00
ABX-HE-BBB 07-1 7 1 224 0A08AIAC4 20.61 98.35 17.56
ABX-HE-BBB- 07-1 7 1 389 0A08AOAC1 19.44 97.47 16.84
ABX-HE-AAA 06-2 6 2 11 0A08AHAB8 87.44 100.12 79.97
ABX-HE-AA 06-2 6 2 17 0A08AGAB0 64.31 100.12 51.47
ABX-HE-A 06-2 6 2 44 0A08AFAB2 41.97 100.12 33.59
ABX-HE-BBB 06-2 6 2 133 0A08AIAB6 21.31 100.59 18.61
ABX-HE-BBB- 06-2 6 2 242 0A08AOAB3 19.56 100.94 16.63
ABX-HE-AAA 06-1 6 1 18 0A08AHAA1 94.49 100.38 90.09
ABX-HE-AA 06-1 6 1 32 0A08AGAA9 86.17 100.73 77.58
ABX-HE-A 06-1 6 1 54 0A08AFAA7 63.94 100.51 47.11
ABX-HE-BBB 06-1 6 1 154 0A08AIAA4 33.36 101.20 25.00
ABX-HE-BBB- 06-1 6 1 267 0A08AOAA2 29.39 102.19 21.83